Good news is coming for Bitmain, the most important operator in the mining sector for bitcoin: soon it could be listed on the stock exchange even if there are no clues about a possible date.
Bitmain stock exchange: all the details
Bloomberg also reports that Jihan Wu, CEO of the mining farm, manages 28% of Bitmain Technologies Ltd, a Chinese company at the center of much criticism for the opacity of its accounts.
A secrecy that may have come to an end given Wu’s willingness to expand the company’s reach beyond the crypto-sphere.
An IPO would not only raise the profile of the company and its turnover but would also allow the market to give Bitmain an effective value.
The event is a particularly important turning point for that side of the cryptocurrency world that is slowly trying to get out of the shadows: miners, developers, and venture capitalists are trying to get more transparency in the eyes of public opinion in an attempt to reassure both regulators but also investors, convincing them that the boom in prices at the end of last year was not just a flash in the pan.
Industry numbers
In an interview, the global chip manufacturer for cryptocurrency mining mentions Hong Kong and other trading locations as a possible target for the launch of the IPO.
The announcement follows after Bitmain’s direct competitor, Canaan, who is also interested in launching an IPO in Hong Kong that promises to raise around $1 billion.
The two players compete for the majority of the market. Bitmain, which covers about 80% of the ASIC extraction devices that, once developed for a specific mining algorithm, quickly replace those based on generic GPU chips.
In second place is Canaan with a slice of 15%. According to blockchain.info, BTC.com and AntPool, Bitmain controls more than 40% of the world’s bitcoin extraction power.
An advantage that a possible stock market listing could increase and strengthen thanks to the arrival of new investors and therefore of new capital to be reinvested in sectors as attractive as artificial intelligence.
Bloomberg’s estimates put Bitmain’s market capitalization at $8.8 billion which gives the founders just over $5.3 billion in assets.
