Bitcoin Miner Bitmain Says It Earned $1.1 Billion Inwards Q1 2018; Plans Ipo

Something sounds way, agency off alongside this story.

From Fortune's Term Sheet, July 30:

Scoop: Bitcoin Mining Company Bitmain Hit $1.1 Billion inward Profits inward Q1 2018

The co-CEO of Bitmain Technologies, the world’s largest cryptocurrency mining company, of late revealed plans to behave an initial populace offering inward Hong Kong, or inward an overseas marketplace alongside U.S. of A. of America dollar-denominated shares. The IPO would laissez passer on early on investors, including Sequoia Capital in addition to IDG Capital, an chance to cash out.

Term Sheet has obtained an electronic mail from a rootage unopen to the company, which includes some of Bitmain’s latest financials ahead of its planned IPO.

— Bitmain is raising farther cash inward add-on to a $400M circular reported inward early on June. The novel funding would value Bitmain at around $14 billion, implying a ten to 11x earnings multiple, according to the email. This is a 16.6% growth from the company’s close of late reported $12 billion valuation.

— The electronic mail cites a KPMG audit of the trouble organisation in addition to reports that Bitmain produced $1.2 billion inward internet turn a profit in addition to an around 50% internet margin inward 2017.

— Bitmain reportedly brought inward $1.1 billion inward internet turn a profit but inward the starting fourth dimension quarter of 2018. According to the email, a conservative guess of what the fellowship could earn inward internet turn a profit for the amount twelvemonth hovers at around $2 to $3 billion....

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