💰 Bitmain IPO could value company at $50 billion

Bitmain Technologies, Ltd, best known for crypto mining hardware and operations, could seek a public capital raise of $18 billion later this year giving it a market cap of $40 billion to $50 billion. According to documents the listing would be underwritten by China International Capital Corporation and listed on the Hong Kong Stock Exchange. The company is forecasting profits of $2.0 billion in 2018, up from $1.1 billion in 2017. While the Bitmain generated $11.0 billion in revenue from mining bitcoin ($BTC) in 2017, it expects its nascent artificial intelligence arm, which makes chips for AI applications, to generate 40 percent of revenue within the next five years.