Bitmain to float IPO

Posted 27 September, 2018

The leading producer in the crypto mining industry – Bitmain – has reportedly filed IPO application with the Hong Kong Exchange (HKEX).

According to the news reports, the company submitted just draft, so its details (schedule, amount of shares, etc) are still under consideration and subject to amendments.

Considering the available data, Bitmain reported about $2.5 billion revenue in 2017, while the previous year results amounted to $277.6 million. This year, the revenue reached $2.8 billion as of end-June.

The underwriters include China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG и Frost & Sullivan, as the application reads, though "none of the experts named above has any shareholding in any member of our Group...", commented the company in the document.

It was rumoured that Bitmain targets $18 billion, but later the media citing sources mentioned much lower sum – $3 billion.

It is worth mentioning that Bitmain's CFO unveiled Q1 results in 60 days after the quarter end, rather than a 90-day period, as the company's CEO expected. As a result, such a move can undermine the attractiveness of the company for the potential investors.

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27 September, 2018 14:09

← SEBA Crypto AG completes fundraising round targeting own crypto bank

Zug-based financial company SEBA Crypto AG (SEBA) run by ex-UBS employees has successfully generated CHF 100 million (some $104 million) for its own crypto bank. Investments came from both local and foreign companies, in particular, BlackRiver Asset Management and Summer Capital.

SEBA Crypto AG completes fundraising round targeting own crypto bank

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27 September, 2018 11:35

Italian uncertainties affect euro →

The euro is losing grounds during the Asian trading in the second half of the week. The negative dynamics, in particular against the US dollar and yen, is related to the possible delay of the 2019 budget in Italy due to disagreements within the Cabinet.

Italian uncertainties affect euro
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