The extra funding follows a recently completed Series B funding round in which the company received over $300 million.
Bitmain, the largest cryptocurrency mining hardware manufacturer, has reportedly received an extra $1 billion in funding. According to Touchweb, a Chinese language news outlet, the new funding will be finished by the end of July.
Following the cash injection, Bitmain’s valuation is expected to increase to $15 billion. This follows a recently completed Series B funding round, which saw the company receive over $300 million. The funding round was led by Sequoia Capital.
The injections of cash come ahead of the company’s initial public offering (IPO) which is tentatively scheduled for later this year. It is currently expected that the company will list on the Hong Kong Stock Exchange (HKSE). However, the founder of Bitmain, Jihan Wu, has mentioned listing on an overseas market with US dollar-denominated shares. The company has suggested it will submit its IPO application in August.
Bitmain dominates the market
Bitmain’s aggressive operations come in spite of a market slowdown in the manufacturing of cryptocurrency mining equipment. At the moment, the company dominates the market. Its market share is three to five times higher than its closest competitor Canaan.
The company contributes close to 50% of all BTC mining pools. This is not looking to change anytime soon. Following the recent round of funding, Bitmain’s application-specific integrated circuit (ASIC) will most likely continue to dominate the market.
Wu has indicated that Bitmain listing on the HKSE, or another Exchange , would be a landmark for the cryptocurrency space. This is because it will help improve market transparency and build confidence in the crypto ecosystem.
Despite Bitmain's success, some analysts aren't convinced on the company's longevity. Commenting on the upcoming IPO Mizuho Securities Asia’s Kevin Wang said: “they’ll have a premium for their valuation because there are very few stocks like Bitmain in Hong Kong. It’s the sustainability of the business that’s the real question mark.”
Bitmain, the largest cryptocurrency mining hardware manufacturer, has reportedly received an extra $1 billion in funding. According to Touchweb, a Chinese language news outlet, the new funding will be finished by the end of July.
Following the cash injection, Bitmain’s valuation is expected to increase to $15 billion. This follows a recently completed Series B funding round, which saw the company receive over $300 million. The funding round was led by Sequoia Capital.
The injections of cash come ahead of the company’s initial public offering (IPO) which is tentatively scheduled for later this year. It is currently expected that the company will list on the Hong Kong Stock Exchange (HKSE). However, the founder of Bitmain, Jihan Wu, has mentioned listing on an overseas market with US dollar-denominated shares. The company has suggested it will submit its IPO application in August.
Bitmain dominates the market
Bitmain’s aggressive operations come in spite of a market slowdown in the manufacturing of cryptocurrency mining equipment. At the moment, the company dominates the market. Its market share is three to five times higher than its closest competitor Canaan.
The company contributes close to 50% of all BTC mining pools. This is not looking to change anytime soon. Following the recent round of funding, Bitmain’s application-specific integrated circuit (ASIC) will most likely continue to dominate the market.
Wu has indicated that Bitmain listing on the HKSE, or another Exchange , would be a landmark for the cryptocurrency space. This is because it will help improve market transparency and build confidence in the crypto ecosystem.
Despite Bitmain's success, some analysts aren't convinced on the company's longevity. Commenting on the upcoming IPO Mizuho Securities Asia’s Kevin Wang said: “they’ll have a premium for their valuation because there are very few stocks like Bitmain in Hong Kong. It’s the sustainability of the business that’s the real question mark.”
Bankrupt FTX Plans to Pay Nearly All Customers 118% of Their Claims
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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