RATE Group | Cryptocurrency giant Bitmain chooses Hong Kong for IPO
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Cryptocurrency giant Bitmain chooses Hong Kong for IPO

26 Sep Cryptocurrency giant Bitmain chooses Hong Kong for IPO

Posted at 20:21h in Cryptocurrency News by

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HONG KONG (Reuters) – Bitmain Technologies, the world’s largest designer of products used for mining cryptocurrencies, confirmed it was bringing its IPO to Hong Kong in what will be an important test of institutional investors’ interest in the crypto sector.

FILE PHOTO – Bitcoin mining computers are pictured in Bitmain’s mining farm near Keflavik, Iceland, June 4, 2016. Picture taken June 4, 2016. REUTERS/Jemima Kelly

Bitmain’s prospectus, investors’ first official look at its financial health, was filed late on Wednesday, and revealed that it made a profit of $742 million for the first six months of this year. The bulk of the company’s revenue came from selling hardware to mine cryptocurrencies, the filing said.

The company said it will use the proceeds of the IPO to invest in research and development and expand its production output.

Bitmain designs different microchips specialized for mining cryptocurrenies and for artificial intelligence applications, as well as…

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