😕 Questions raised over Bitmain profits after IPO filing

Bitmain Technologies, the world’s largest maker of cryptocurrency mining hardware, has stated significantly smaller profits in its initial public offering prospectus than in documents related to earlier funding rounds. In its IPO prospectus, Bitmain stated 2017 net profits as $701.4m. In documents published ahead of a $422m pre-IPO funding round, just one month earlier, Bitmain said that year’s net profits were $1.1bn.