Bitcoin Mining Giant Bitmain Valued at $12 Billion in Funding Round

Francisco Memoria
  • Bitcoin mining giant Bitmain was valued at $12 billion in its Series B funding round, which raised between $300 and $400 million.
  • The company is reportedly still looking to launch an IPO.

China-based Bitmain, a leading bitcoin mining hardware manufacturer which owns a large portion of the flagship cryptocurrency’s hashrate, has reportedly been valued at $12 billion in its latest Series B funding round.

According to local news outlet Caixin, the round brought in between $300 and $400 million, and was led by various notable companies, including US-based hedge fund Coatue, Singapore government-backed investment fund EDBI, and Sequoia Capital China.

Per Caixin’s report, the funding round stands out as Bitmain’s Series A funding round saw it raise $50 million in July of 2017. This time the company, which last year is said to have raked in $3 billion in revenue, was valued at $12 billion.

The outlet’s report restated that the company is looking into conducting its own initial public offering (IPO), with a pre-IPO funding round set to come in the future. No specific details, however, were presented.

The bitcoin mining giant is notably not the only bitcoin mining hardware manufacturer looking to conduct an IPO, as one of its competitors, Caanan Creative, has confirmed in May it applied for an IPO worth around $1 billion with the Hong Kong Stock exchange.

Bitmain is notably seen as one of the most powerful companies in the cryptocurrency space. Led by 32-year-old Jihan Wu, it was recently named one of the 21 EOS block producers (BPs) – just like Genesis Mining – and sells its own mining machines.

Along with a high sales volume, Bitmain owns AntPool and BTC.com, which combined have nearly 35 percent of the flagship cryptocurrency network’s hashrate. It also holds shares in ViaBTC, which controls an additional 12.6 percent of the hashrate.

In theory, Bitmain could pull a 51 percent attack on bitcoin, but its co-founder and CEO Jihan Wu argues the move would be foolish, as it would lead to economic losses for him and his company.

As reported, the company is set to invest $50 million in the IPO of Opera, the company behind the popular Opera browser, which is said to have over 320 million active monthly users.

VC Firm Andreessen Horowitz Unveils Who'll Teach at Its Free Crypto Startup School

Venture capital firm Andreessen Horowitz (a16z) has unveiled who’ll be teaching at its free Crypto Startup School, and instructors include Coinbase’s CEO Brian Armstrong, Calibra’s head of strategy, and some of its own general partners.

According to a blog post, the list of instructors will also include Coinbase’s chief legal officer Brian Brooks, and its ex-chief technology officer Balaji Srinivasan. From Andreessen Horowitz various general partners will be instructing in the course, as well the founder of Compound Robert Leshner, and the founder of Parity Jutta Steiner.

The post, written by program manager at the Crypto Startup School Jesse Walden, details:

They will share lessons they’ve learned, early best practices, new project ideas, and important considerations to help aspiring entrepreneurs and builders get started.

The school’s program is set to start on February 21 of next year, and will end on April 3. The free seven-week course was announced last month, and as reported the course’s lessons will only be for those whose applications get accepted. Later on, however, a16z plans to make videos of these lectures as well as course materials available to the public.

Some of the main topics that are to be addressed at the Crypto Startup School include cryptocurrency business models, fundraising strategies, regulatory landscape, an overview of application development tools, and more.

Featured image via Pexels.