Bitmain valued at $12 billion in new series B funding round

Screen Shot 2018-07-06 at 21.47.48.pngAccording to the Chinese news outlet Caixin, Bitmain has raised around $400 million in series B funding, valuing the mining giant at $12 billion. The new funding round has been led by Sequoia Capital China, Coatue as well as EDBI, a Singapore government-backed investment fund.

It has to be noted that Bitmain raised around $50 million last year in series A funding which was led by Sequoia Capital China and IDG Capital.

The report also mentions that Bitmain is conducting pre IPO funding and can go public on the Hong Kong stock exchange in future. Though there have been no confirmed reports from Bitmain or the investors involved about this funding round.

If the listing news is true, then this would be the third major stock listing from a Chinese crypto mining hardware company. Canaan Creative and Ebang Communication have both filed IPO applications with the Hong Kong Stock Exchange.

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