Is Bitmain Unstoppable?

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Katherine Wu - September 27, 2018

After months of speculation, Bitmain is officially on the path to doing an IPO (yes, your traditional stock market kind, not an ICO) on the Hong Kong Stock Exchange.

Yesterday, the company filed its 432-page application to be reviewed for listing. (Chinese version here, English version here) Of course, I sat down immediately and started pouring through the details.

Some interesting stats for you to know:

ON BITMAIN’S FINANCIALS

In the first half of 2018, Bitmain’s revenue was $2.845 billion, with a net profit of $1.123 billion. 95% (!!) of revenue comes from the sale of $2.56 billion in mining hardware. Surprisingly, only 3.3% of Bitmain’s year-to-date revenue comes from “proprietary mining”.