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  • July 06 09:07
    Cryptocurrency Mining Equipment-Maker Bitmain Raises Up to $400 Million

    Bitmain Technologies Ltd., the startup that controls nearly 80% of the global market for cryptocurrency mining equipment, has raised up to $400 million in its latest fundraising round, valuing the company at $12 billion, Caixin has learned.

    The company’s B round of fundraising – which pulled in between $300 million and $400 million – was led by Sequoia Capital, along with two other global funds, U.S.-based Coatue, and Singapore’s EDBI Pte Ltd., sources close to the deal told Caixin.

    Founded in 2013, Beijing-based Bitmain announced in September that it raised $50 million in its first round of fundraising, which was also led by Sequoia Capital.

    Caixin also learned from market sources that the company could seek an initial pubic offering in Hong Kong in the future.

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