Bitmain, the Beijing-based company that is the world’s largest manufacturer of ASIC-based crypto mining hardware, is reportedly filing for an initial public offering (IPO) this September, which could raise as much as $18 billion. This article examines the crypto community’s reaction to this news.

It all started on 12 August 2018 when Twitter user “Samson Mow” (@Excellion), who is the chief strategy officer (CSO) of Blockstream, made a post with an embedded image showing what appears to be a slide from Bitmain’s Pre-IPO investor deck:

The first group of columns is “Quantity”, the second is “Average Price (USD)”, and the third is “Asset Value (in thousands of USD)”. This means that between 31 December 2016 and 31 March 2018, Bitmain’s BTC holdings went from 71,560 to 22,082, while its BCH holdings went from 0 to 1,021,316.

George Kikvadze, the Vice Chairman of the Bitfury Group, had this to say in response about the apparent selling by Bitmain of BTC for BCH:

Then, earlier today, “Samson Mow” sent out the following two tweets to question Bitmain’s decision not to reveal Q2 numbers to the pre-IPO investors:

Twitter user “Parabolic Trav” (parabolictrav) suggested that Bitmain must have sold most of its BTC holding because that was their most liquid asset:

Meanwhile, Twitter user “WhalePanda” (@WhalePanda) had his own theories for Bitmain’s decision to file for an IPO:

Finally, earlier today, Twitter user “Vijay Boyapati” (@real_vijay) decided to make a series of tweets to present his thoughts on the IPO, a few of which are shown below:


Featured Image Credit: Photo by “Crypto360” via Flickr; licensed under “CC BY 2.0”