The world’s leading cryptocurrency mining developer Bitmain Technologies has officially applied for an initial public offering (IPO).
The IPO filing officially marks the beginning of the transition where Bitmain as a ‘private’ company becomes a ‘public’ one.
Bitmain, which manufactures cryptocurrency mining hardware has chosen Hong Kong as the location for the public offering to take place. The released documents filed for the IPO offer insight into the company’s financial standpoint. This is the first time that investors can see into Bitmain’s books. The documents reveal that Bitmain saw a profit of $742 million USD come in for the first two quarters of 2018. Unsurprisingly, the majority of the revenue has come in from the sales of cryptocurrency mining hardware.
Bitmain has said that the funds that are raised in the IPO will be put into researching and development in order to increase its production output. It has yet to be revealed what the financial target the company is hoping to achieve in the IPO. Sources have suggested, however, that the company might be looking to raise as much as $3 billion USD to $18 billion USD.
Furthermore, there are possibilities that the IPO might cause Bitmain to branch out into other industries. In an interview with Bloomberg in May, CEO and co-founder of Bitmain Jihan Wu stated that the next phase of the company would involve “advancing our technology beyond what we’ve already achieved”. Although nothing has been confirmed in mystery, it suggests that the company has other sights set for the future. Wu has offered that this might include artificial intelligence – a typically non-cryptocurrency related industry.
However, it remains to be seen where Bitmain itself might head once public.