Bitmain, the world’s leading cryptocurrency mining company, is filing for an IPO in Hong Kong by September, CoinDesk reports. Bitmain expects to raise up to $18 billion, larger than Facebook’s $16 billion. The company’s new valuation would be $40 – $50 billion new valuation. If the filling process goes well, the company will go public by the end of this year or the first quarter of 2019.

Wu Jihan, founder of Bitmain, when asked about the IPO plan earlier this month, didn’t directly comment. “ICOs are alternatives to stocks. When other industries use IPO to raise money, the cryptocurrency industry leverage ICO to fund,” he said at a Huobi event in South Korea.

On August 4, one day after Wu’s comments, Bitmain formally completed its $1 billion pre-IPO investment registration. Tencent, SoftBank, and the country’s top investment bank China International Capital Corporation participated in the funding.

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Runhua Zhao

Runhua Zhao is a technology reporter based in Beijing. Connect with her via email: runhuazhao@technode.com