Bitmain is reportedly planning to go public, hopes to raise $18 billion for IPO

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• Cryptocurrency mining chip maker Bitmain hopes to raise
  $18 billion for an IPO in the coming months, according to
  documents obtained by CoinDesk.
• If the company raised $18 billion at a market
  capitalization of $40 to $50 billion, that could make it the
  largest IPO in history.
• In June, Bloomberg reported that Bitmain was planning
  to go public to further its pursuits in producing hardware for
  artificial intelligence technology. 

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The world’s largest producer of cryptocurrency mining chips,
Bitmain, is planning to file for an initial public offering in
September, according
to documents obtained by CoinDesk.

According to the documents, CoinDesk reports Bitmain’s proposed
public offering could end up being the largest in history: The
company reportedly hopes to raise $18 billion IPO on the Hong
Kong Stock Exchange at a market capitalization of $40 to $50
billion.

While Bitmain’s primary industry has been producing integrated
circuit chips used to algorithmically “mine” cryptocurrencies
like bitcoin, the company recently began to manufacture chip
hardware for the artificial intelligence industry. 

Bitmain is headed up by 32-year-old Jihan Wu, who founded the
Beijing-based company only five years ago with the vision that
digital currencies would be the de facto money of the future.

In June,
Bloomberg reported that Wu was considering taking his company
public and that Wu plans to position Bitmain as a ruthless
competitor in the circuit chip industry. 

So far, Wu’s pursuit has proved overwhelmingly successful: In the
few short years since it was founded, Bitmain has become one of
the world’s most valuable cryptocurrency companies. In the first
sixth months of 2018 alone, the company raked in $2.5
billion in revenue, according to Bloomberg.

The company has received $450 million in funding from investors
including Sequoia, GIC, and IDG Capital. 

Bitmain did not immediately respond to a request for comment on
any IPO plans.

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