Bloomberg columnist examines Bitmain's potentially shaky financial health

Bitmain, amid its push towards an IPO, has had to combat both financial leaks and negative market forces. Leaks have revealed that Bitmain's balance sheet at the end of March was in questionable shape with $105M of cash and $1.17B of coin assets, the majority of which is in Bitcoin Cash. BCH itself is down about 80% so far in 2018. In addition to the heavily depreciated Bitcoin Cash holding, Bitmain had $1.9B of prepayments to its chip maker TSMC as well as inventory. It's quite possible the inventory is growing as the crypto market downturn continues. All this leaves Bitmain in an unenvious position prior to its public offering. (Source: Bloomberg)