Bitmain Aiming for $3B IPO, Set to File Application This September

Bitmain, a cryptocurrency mining equipment manufacturer based in China, is reportedly planning to initiate an initial public offering (IPO) in Hong Kong as soon as September. Sources familiar with the situation have indicated that the company, which is the largest producer of crypto mining chips, is aiming to raise $3 billion through this offering. Led by co-founder Jihan Wu, Bitmain is preparing to submit a listing application to the Hong Kong stock exchange. The firm recently concluded a funding round, which placed its total valuation at approximately $15 billion.

Earlier in July, reports suggested that Bitmain was valued at around $12 billion and that CEO Jihan Wu was considering the possibility of an IPO in Hong Kong, although no specific timeline was provided at that time.

If the IPO proceeds successfully, it could have significant implications for the cryptocurrency mining sector.