Crypto Unicorn Bitmain Weighs $18 Billion IPO, One of World's Largest

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Bitmain Technologies, Ltd. is about to go public. According to documents obtained by CoinDesk, the cryptocurrency mining company is filing for an initial public offering (IPO) potentially as high as $18 billion this September at a market capitalization of $40 to $50 billion. It will be listed on the Hong Kong Stock Exchange in Q4 2018 or Q1 2019 amid a wave of Chinese unicorns hitting the public markets, including bitcoin mining competitors Canaan Creative and Ebang Communication. One of the most valuable cryptocurrency companies, Bitmain closed a $1 billion pre-IPO financing round on July 23 at a $15 billion valuation, nearly two times cryptocurrency exchange Coinbase’s $8 billion valuation, reported in April. The possible $18 billion IPO sticker price positions Bitmain to displace social giant Facebook as one of the largest public offerings in history. SoftBank Group and Tencent Music are expected to top Alibaba and Spotify for the number one