Chinese bitcoin mining giant Bitmain had revenues of $2.8 billion in the first half of the year

IPO plan despite slump in bitcoin

After months of speculation about the company’s plans, Bitmain released its first-ever public disclosures, confirming its intention to list on the Hong Kong stock exchange. Bitmain Technologies, founded by billionaires Jihan Wu and Micree Zhan, came on the scene five years ago and rode the cryptocurrency boom to a $12 billion valuation after its most recent funding round.
The financial statements released Wednesday, which were the result of an audit by KPMG, answer key questions about the company’s financial health as the price of bitcoin and other cryptocurrencies have plummeted. Bitmain made $742.7 million in profit during the first half of this year, marking a nine-fold increase from a year earlier, according the heavily redacted documents. Revenue was up tenfold in the same period, to $2.8 billion as of the end of June, and adjusted return on equity was 58.8 percent.
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