Report: Mining Giant Bitmain Valued at $12 Billion in New Funding Round

Technology

Chinese bitcoin mining giant Bitmain has reportedly closed a Series B round funding, which values the firm at approximately $12 billion.

Chinese business media Caixin reported on Friday citing anonymous sources familiar with the deal that although the exact number of the new equity financing is unknown, it’s somewhere between $300 million to $400 million.

According to the report, leading investors in the new round include Sequoia Capital China, U.S. hedge fund Coatue as well as EDBI, a Singapore government-backed investment fund.

The news comes nearly a year after Bitmain raised $50 million in a Series A funding round, led by Sequoia Capital China and IDG Capital at the time, as reported by CoinDesk before.

Caixin’s report also indicated that Bitmain is currently conducting a pre-IPO funding round and may consider a plan to go public in the Hong Kong Stock Exchange in the future.

The news, if true, would make Bitmain another Chinese bitcoin mining giant that seeks for an initial public offering (IPO).

As previously reported by CoinDesk, other major mining makers in China including Canaan Creative and Ebang Communication had both filed an IPO application to the Hong Kong Stock Exchange.

A representative from Bitmain said the company has no comment on the news.

Bitcoin miner image via Shutterstock

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