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Report: China's top bitcoin miner seeks $1B in pre-IPO fundraising

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Report: China's top bitcoin miner seeks $1B in pre-IPO fundraising

Chinese bitcoin mining company Bitmain Technologies Ltd. hopes to raise up to $1 billion in pre-IPO private funding amid waning demand for bitcoin and its prices, the Financial Times reported Sept. 5.

The Beijing-based company, which mines more than half of the world's bitcoins, is also considering an IPO and hopes to be worth $30 billion to $40 billion in three years, said lawyers and bankers. The company is currently valued at $14 billion with revenues of $2.5 billion in 2017 and net profits of nearly half that amount, the FT said, citing a presentation to investors.

In the first quarter of 2018, revenues reached $1.86 billion, of which more than 90% came from selling mining computers.

The plan comes amid falling prices of bitcoin, which has dragged down demand for bitcoin mining computers. Prices of Bitmain's superfast bitcoin mining computers have slumped with the price of bitcoin, worth now about one-third its January peak of $19,343, said Coindesk.

Prices of bitcoin-mining kits have plunged to 3,000 yuan to 4,000 yuan from their 30,000 yuan to 40,000 yuan price range in December 2017.

As of the end of March, China's biggest bitcoin mining company owned $1.2 billion worth of cryptocurrency.

As of Sept. 5, US$1 was equivalent to 6.83 Chinese yuan.