The initial coin offering (ICO) method of raising money has been extremely beneficial for startups in the blockchain space that otherwise would have struggle dot raise funds from traditional venture capital firms. More established companies also rode on the crest of a wave and released their own token in exchange for these funds.
However, one of the core players in the world of cryptocurrency is going down a more traditional route and becoming a publically listed company. Bitmain is the leader in the mining of cryptocurrency. The Chinese company has submitted their application which would see them become a publically traded company, listed upon the Hong Kong Stock Exchange if successful.
Many people had been waiting some time for his prospectus to be filed in what would be a public form of fundraising in the billions of dollars. There has been a certain level of controversy surrounding it that has led to doubts that this would ever end up happening.
There is no indication as to what the final valuation for the company will be, as there is still a lengthy process and numerous briefings needed before a valuation is created.
There have not been many key details revealed as of yet, such as the timetable for this IPO, the number of shares to be issued. However, there was info revealed regarding the current financial situation of the company.
In 2017, they say that they had a turnover of more than $2.5 billion and in the first six months in 2018 they had more than $1 billion in revenues. This showcases just how lucrative of a position they are currently in.
Of these revenues, their profit levels were believed to be in the $1 billion range last year.
They have been constantly growing as a company since cryptocurrency mining became popular and industrial buildings were filled with the equipment by those operating around the clock mining operations. Initially, they had focused on Bitcoin mining, but this has expanded since 2015.