Deals
Crypto’s Millennial Mining Tycoon Is Planning a $3 Billion IPO
- Bitmain is preparing to list shares in Hong Kong, people say
- IPO may face headwinds as cryptocurrencies and stocks fall
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Bitmain Technologies Ltd., the world’s biggest producer of cryptocurrency mining chips, is planning a Hong Kong initial public offering that could raise as much as $3 billion, people with knowledge of the matter said.
The Beijing-based company, whose 32-year-old co-founder Jihan Wu is one of the most powerful players in crypto, plans to file a listing application with the Hong Kong stock exchange as early as September, according to the people. Bitmain closed a private funding round in the past few weeks valuing the company at about $15 billion, one of the people said, asking not to be identified because the information is private.