Bitmain files for IPO on the Hong Kong Stock Exchange

Mining • September 26, 2018, 10:10AM EDT

The cryptocurrency chip manufacturer has filed an IPO prospectus. According to the prospectus:

Bitmain generated $2.5B in revenue and $1.2B in gross profits in 2017. Revenue grew by more than 700% year over year.
This year, Bitmain's top line is already $2.8B as of June 30, 2018. If maintained, that could lead to another year of astounding growth.
The company owns a 3% stake in internet browser Opera.

Final details on how much the company will raise and at what valuation are pending. Bitmain's success with underwriters and institutional investors will determine those details. (Source: CoinDesk)

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi