Bitmain has officially filed for an initial public offering on the Hong Kong Stock Exchange.

The announcement follows reports last month that the Beijing Bitcoin mining giant planned to have an IPO bigger than Facebook’s, raising $18 million. If successful, Bitmain’s valuation could rise to the $40 – $50 billion range. The company completed a $1 billion pre-IPO investment registration on August 4 and published its prospectus yesterday.

According to the document, Bitmain saw a net profit of $742.7 million in the first half of this year, almost eight times the figure from the same period in 2017. Its total income in the first six months of 2018 was over $2.8 billion. Mining equipment sales made up 94.3% of Bitmain’s income in the first half of this year. Another 3.3% came from the company’s own mining businesses, while mining pool operating income was 1.5% of the total.

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Bailey Hu

Bailey Hu is based in China’s hardware capital, Shenzhen. Her interests include local maker culture, grassroots innovation and how tech shapes society, as well as vice versa.