Crypto mining company Bitmain files for Hong Kong IPO; draft filing shows $2.8B in revenue as of June 30 and $422.05M raised in funding round that ended Aug. 7
per new @Globalcoinrsrch story — that's a big drop from Q1's $1.1B profit on $2B in revenue and doesn't exactly give momentum for IPO https://techcrunch.com/... Francis Pouliot / @francispouliot_ : Dispite the new special taxes on electricity for miners (price up to 0.15$ CAD/kWh), Bitmain IPO docs reveal they are contemplating construction of mines in Quebec because of “cheap rates” Special deal with government prior to new rates increase (as rumors suggest), or B.S.? https://twitter.com/... Aaron Pressman / @ampressman : So someone is making a ton of money from Bitcoin. Cryptocurrency miner Bitmain filed for an IPO revealing 2017 revenue of $2.5 billion and first half 2018 revenue of $2.8 billion. Profits were $1.2 billion and $1.0 billion. Nice work if you can get it. https://www.coindesk.com/... Jon Russell / @jonrussell : But there's a huge question mark around 2018 since it has only released H1 numbers. The crypto market really tanked in Q2 and, if the impact most companies have felt is true for Bitmain, the business might have had a very tough quarter. Kate Rooney / @kr00ney : Secretive Chinese bitcoin mining giant Bitmain revealed a little bit more of itself on Wednesday with its first-ever public disclosures, showing IPO plans & profits despite slump in #crypto. https://cnb.cx/2N72rxc Jon Russell / @jonrussell : For one thing, it didn't see the slump coming and was left with $1 billion in additional (unsold) inventory — a fact it had to explain in the IPO prospectus: https://techcrunch.com/... pic.twitter.com/CvNY0XRI49