Bitmain plans for an IPO from Hong Kong

Bitmain, the biggest force in Bitcoin mining is secretly laying down the groundwork to raise an IPO, reports Bloomberg.

The CEO Bitmain Jihan Wu, told Bloomberg that an IPO would allow the early backers of Bitmain to cash in their funds. Mr. Wu owns 28% of Bitmain.

The move by Bitmain is similar to Canaan’s move, Bitmain’s main competitor, who had announced an IPO last month. Bitmain currently owns 75% of the Bitcoin mining shares.

Mr. Wu believes the company is valued around $12 Billion, while analyst estimate Bitmain’s value to be around $8.8 Billion. Most of the valuation depends on the future sustainability of the company.

Possible move to AI?

According to Bloomberg, Bitmain is also considering AI chips as a future possibility to expand the company’s product line. In China, the homegrown AI products do receive government funding which allows for rapid expansion against their western counterparts.

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