One of the world’s largest manufacturers of Bitcoin mining machines is preparing to go public in the United States. Whatsminer, based in China, is reportedly seeking additional funding to buy Samsung chips when it goes public.
Whatsminer’s revenue could reach $ 1 billion to $ 2 billion in 2021
According to the Chinese media and the Asian journalist Collin Wu, the company’s market value can exceed “tens of billions”.
Quoting three sources familiar with the matter, Wu says such a move could help the mining giant raise more funding to increase its production capacity.
Whatsminer’s founder Yang Zuoxing is a former Bitmain employee who claims to be the pioneer of the S9 mining equipment made by Bitmain. Bitmain sued him in 2019 for “violation of trade secrets”.
Whatsminer’s IPO plans include going public on the Nasdaq. The US listing plans have been in the works since 2019. However, the aforementioned legal issues with Bitmain have delayed its listing.
Weixin said Whatsminer’s revenue could reach $ 1 billion to $ 2 billion in 2021 due to the rise in the price of mining equipment. Because of this, expectations of the company are high in anticipation of the IPO, Wu said.
Though no schedule has been set yet, Weixin predicts that both Whatsminer and Bitmain could be listed in the US in the next two years.
Latest steps in the crypto mining industry
Overall, the crypto mining world has been quite buoyant over the past few months, especially in the manufacturing industry. 500.com Ltd has an initial agreement to acquire mining equipment from an undisclosed seller outside of the US. The transaction will allow the company to acquire mining equipment, including models such as the M20 from Microbt, S17, T17 and S9 from Bitmain.
On December 16, 2020, news.Bitcoin.com reported that the prices of the latest generation mining equipment have increased 35% since early November.
What do you think of Whatsminer’s IPO plans? Let us know in the comments below.
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