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Bitmain, the world’s largest producer of Bitcoin mining hardware, reportedly going public soon with plans to raise $18bn at a valuation of roughly $50bn. The Chinese manufacturer last raised $100mn in a pre-IPO round at a valuation of $18bn. Bitmain’s staggering growth since its inception five years ago has placed it among the one of the most valuable crypto firms in the world. The company has ambitious plans to venture in AI-based manufacturing, join the elites such as Google, NVIDIA and AMD. You can see Bitmain’s latest financials below.
That said, there remain concerns over the company’s profitability and price performance in the near-term as the company holds roughly 5% of all BCH (Bitcoin Cash) in circulation. It is widely known that Bitmain was one of the most important factors behind the creation of Bitcoin Cash and the company sold huge quantities of BTC for BCH.
Given the bear market we are in, coupled with limited liquidity, the company might severely struggle to sell its piles of BCH without price slippage. It would be very interesting to see how investors will react to its significant balance sheet exposure BCH and the company’s ability to wither a downmarket.
After yesterday’s giant sell-off in the crypto markets, all top currencies are well on their way in the past 24 hours to paring some of the losses sustained previously. BTC, at $6,336, recovered substantially at 5.7% while ETH, at $286.48 was only able to recover 6.34% despite the huge drop in its valuation the day earlier. Ripple was the best performing currency, gaining 9.73% while ZCash lagged behind the other currencies, gaining only 1.92%.
Data sourced from OnChainFX.com.
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