Concurrency Towards the Stock Exchange
After months of illusions, the landing of the cryptomondo on the Stock Exchange is being prepared. The Chinese mining giant Bitmain has filed for the IPO in Hong Kong, for what would not only represent the first listing of a company linked to cryptocurrency to a list, but it would also be an IPO that could reach several billion dollars.
Although everything is subject to verification in a particularly difficult year for the sector – the major cryptocurrencies have lost 80-90% from the highs at the start of the year – analysts are optimistic about the value of the operation, which experts believe Coindesk could get a sum of $ 18 billion on the basis of an assessment of the mining giant between 40 and 50 billion.
Optimism that has been confirmed in the budget numbers presented in the filing documentation by the company, well known among the experts of the cryptomondo. Bitmain is in fact known for the Antminer, the “armed” boxes of nearly 200 Asic, specially trained chips to solve the cryptographic rebus complexes that are used to complete the operations related to bitcoin and other cryptocurrencies, adding blocks to the blockchain. According to some estimates, Bitmain’s devices cover about two-fifths of bitcoin-related block mining.
Bitcoin slips to 6 thousand dollars, but in China prepares a record-breaking IPO
The rumors circulated in the last few months have not been confirmed, according to which, in the pre-IPO phase, technological giants of the caliber of the Chinese Tencent and the Japanese Softbank would have participated in the transaction.
In any case, for the Chinese colossus founded by pro-billionaires Jihan Wu and Micree Zhan, the business of mining cans has reached 94% of turnover in the first half of this year. The rest derives from direct mining.
But the numbers fielded by Bitmain are considerable, even if they leave some shadow on the real situation. The turnover jumped in 2017, the year of the cryptocurrency boom to 2.5 billion dollars, almost ten times the 278 million of the year before. In the first six months of this year the turnover has already exceeded that quota reaching 2.8 billion. At the same time, net income jumped to 701 million last year and reached 743 million in the first half of 2018.
But the fact of not having presented numbers divided for the two quarters seems to hide some difficulties. It is not a mystery, in fact, that the second part of the period saw a contraction of activity for all the world’s creators of cryptocurrencies. According to Techcrunch‘s calculations, in the first quarter Bitmain would have a turnover of two billion dollars, with a net result of 1.1 billion. If the results of the semester are taken into account, it would appear that the second quarter could have been closed with a loss of 400 million dollars on a turnover of 800 million.
Since Bitmain accepts cryptocurrency payments for its mining services, which can not be accounted for as official revenue, but only as “investing cash inflow”, the turnover may be higher once the sums are converted into currencies fiat. According to the numbers released by Bitmain it would be a “treasure” of 887 million dollars, at current values.
The announcement of the imminent IPO was greeted with a jump of almost 20% by Bitcoin Cash, a currency born a year ago from a Bitcoin split. Bitmain has always supported the new standard that aims to make payment transactions in cryptocurrencies faster than the classic bitcoin: the possibility of having fresh funds in the fund for development has immediately made us hope for new investments in the Bitcoin Cash system.