Bitmain, one of the most important crypto companies in the world, is allegedly hoping to raise $18 million by going public.
The crypto hardware manufacturing giant is preparing to launch an initial public offering (IPO) on the Hong Kong Stock Exchange, the date is still unknown. If the desired sum of $18 million is reached at a market capitalization of $40-$50 billion this could make their IPO one of the biggest in history.
Besides, Bitmain is moving in the rapidly evolving sphere of Artificial Intelligence hardware. At the moment they specialize in integrated circuit chips required to mine cryptocurrencies, but recently Bitmain began to produce chips for the AI industry.
Bitmain is a relatively young company, established in 2013, however, it has taken the dominant position on the crypto market and become one of the biggest companies in the field. In the first half of 2018, Bitmain reportedly hauled in $2,5 billion, making it one of the most valuable players in the crypto world.
WHY IS THIS IMPORTANT?
- Launching an IPO means an increase in capital and media exposure. This can help the company develop, which in turn means new products on the market.
- If the IPO is successful, that means that among such companies as Facebook and Alibaba, a crypto firm will boast a prominent sum raised through an IPO.