Bitcoin mining giant Bitmain reportedly raises $560 million in pre-IPO funding

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比特大陆完成5.6亿美元融资 或9月向港交所递交招股书-LeiNews

What happened: Bitmain, the dominant force in bitcoin mining, has reportedly secured $560 million in funding. Local media reported that the company has geared up for an $18 billion IPO on Hong Kong stock market around the beginning of next year. Bitmain has not yet confirmed the funding and IPO details publicly.

Why it’s important: If true, the current funding comes shortly after a $1 billion round led by China International Capital Corporation. As the largest crypto mining equipment maker, Bitmain is accelerating its IPO schedule, while two of its largest competitors Canaan Creative and Ebang have been moving ahead in going public.