Bitmain Files For IPO

If you haven’t read my previous post on BitMain, please do so here.   This is mega-giant in the crypto ecosystem – most people haven’t heard of it because it is a Chinese company, but they generate absurd amounts of revenue and profit and today they filed for an IPO, as outlined in this article by Coindesk.

There are some interesting data points to pull out of the Coindesk article:

•  Bitmain is scaling in a MASSIVE way, both on revenue and profit.   This is on par with companies like Uber in terms of revenue, except they are highly profitable (Uber was not).

• They actually own a ton of cryptocurrency – remember their main business is in selling hardware for miners, and actually mining currency through AntPool, their mining pool business.   They have approximately 889M USD in crypto-assets.
• They are buying up cheap land all over China to build mining farms.
• Bitmain employs 2,594 people as of 2018.  840 were dedicated to research, 701 to product management, 535 to mining farm maintenance and management, 235 to administration, 209 to customer service and 74 to sales and marketing.

More info can be found in the public IPO posting here.