The world’s most valuable cryptocurrency company, Bitmain, is seeking another $1 billion in funding. If successful, the ASIC manufacturer will have a valuation of $15 billion, on par with that of AMD.
According to a report from Chinese news agency Tou Tiao, Bitmain is seeking pre-IPO funding of $1 billion. This latest round of funding comes just a few months after Sequioa Capital took the lead in securing an investment round of $400 million for the crypto company.
That round of investment set the valuation for the mining giant at a cool $12 billion. This time, Bitmain is relying on a $14 billion pre-investment valuation, with a successful investment round resulting in a $15 billion valuation.
Should Bitmain be successful in securing this latest round of financing, it will likely be one of, if not the last rounds of investment before the IPO. An IPO would see Bitmain traded publicly on the Hong Kong stock exchange.
China Money Network reports that Bitmain is aiming to land on the public markets sometime this year, with a $30 to $40 billion valuation.
A Bright Future
Bitmain’s ambitions are made clear by a series of investments it has made over the last year. This includes a $3 billion investment in Circle, with the intention of creating a stablecoin alternative, which will be pegged to the US dollar.
In July, as reported by LiveCoinWatch, Bitmain made a $50 million investment in the business behind the Opera web browser. This private investment occurred just before Opera was set to go public.
With the above investments and a foray into the business of producing ASIC chips for AI applications, Bitmain are doing all they can to raise their valuation prior to the IPO. In order to hit their targets, Bitmain will need to double their value over the next few months. For most businesses, this would be unthinkable, but Bitmain has already proven that it isn’t like other businesses.