One of the world’s largest bitcoin mining machine manufacturers is preparing to go public in the United States. China-based Whatsminer is reportedly looking for additional funds to buy Samsung chips on the initial public offering (IPO).
Whatsminer’s revenues could reach $ 1 to $ 2 billion by 2021
According to Chinese media and Asian journalist Collin Wu, the company’s market value can surpass “Tens of billions.”
Citing three sources familiar with the matter, Wu says such a move could help the mining giant get more money to increase its production capacity.
Whatsminer’s founder, Yang Zuoxing, is a former Bitmain employee and he claims to be the pioneer of the S9 mining devices Bitmain manufactures. In 2019 Bitmain sued him for ‘trade secret infringement’.
Whatsminer’s IPO plans include the initial public offering on Nasdaq. Public listing plans in the US have been in the works since 2019. However, the aforementioned legal issues with Bitmain have delayed listing.
According to Weixin, Whatsminer’s sales could reach $ 1 to $ 2 billion by 2021 due to the surge in mining machinery prices. Hence, expectations around the company are high ahead of the IPO, Wu said.
While no timeline has been set yet, Weixin predicts that both Whatsminer and Bitmain could be listed in the US in the next two years.
Latest moves in the Crypto mining industry
Overall, the crypto mining world has been quite vibrant in recent months, especially in the manufacturing industry. 500.com Ltd reached an initial agreement to acquire mining equipment from an unnamed non-US seller. The transaction allows the company to acquire mining equipment, including models such as Microbt’s M20s S17, T17 and S9 from Bitmain.
On December 16, 2020, news.Bitcoin.com reported that the prices of the latest generation of mining platforms have increased by 35% since the beginning of November.
What do you think of Whatsminer’s IPO plans? Let us know in the comments below.
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