RATE Group | Bitcoin Mining Company Bitmain Hit $1.1 Billion in Profits in Q1 2018
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Bitcoin Mining Company Bitmain Hit $1.1 Billion in Profits in Q1 2018

30 Jul Bitcoin Mining Company Bitmain Hit $1.1 Billion in Profits in Q1 2018

Posted at 14:38h in Bitcoin News by

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The co-CEO of Bitmain Technologies, the world’s largest cryptocurrency mining company, recently revealed plans to conduct an initial public offering in Hong Kong, or in an overseas market with U.S. dollar-denominated shares. The IPO would give early investors, including Sequoia Capital and IDG Capital, an opportunity to cash out.

Term Sheet has obtained an email from a source close to the company, which includes some of Bitmain’s latest financials ahead of its planned IPO.

— Bitmain is raising further cash in addition to a $400M round reported in early June. The new funding would value Bitmain at approximately $14 billion, implying a 10 to 11x earnings multiple, according to the email. This is a 16.6% increase from the company’s most recently reported $12 billion valuation.

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