Bitmain Technologies, the virtual mining currency mining firm co-founded by billionaires Jihan Wu and Micree Zhan, released public financial statements to begin the IPO process. Bitmain’s financial highlights include profit rising almost ninefold to USD 742.7 Million in the first half from a year earlier revenue rose about 10-fold to USD 2.8 Billion in same period. Bitmain held USD 886.9 Million of cryptocurrency assets at the end of June, valued at cost and the Company has adopted a dual-class share structure. This release ends speculation of their finances and assets, more importantly this begins the process for an Initial Public Offering.
Bitmain is one of the largest companies to come out of the digital asset boom. They are racing their two biggest rivals Ebang International Holdings Inc. and Canaan Inc., who are also vying for an IPO. The two companies are still seeking funding in Hong Kong. Bitmain is still top dog for now but, once funding is secured for the two rivals, the competition could prove to be very interesting and profitable. People close to Bitmain say Bitmain’s IPO plans raise to raise USD 3 Billion even though the Company hasn’t released any official reports. Bitmain’s main source of income right now is the Antminer, it is a standalone computer unit that verifies virtual currency transactions. It currently costs a few hundred thousand USD. The Company also brings in money from crypto investment collectives where it makes various transactions and splits profits. The Company wants to expand into Artificial Intelligence as well but those plans are still down the pipeline.