One of the world’s biggest bitcoin mining machine manufacturers is preparing to go public in the United States. China-based Microbt is reportedly looking to obtain additional funds to buy Samsung chips with the initial public offering (IPO).
Whatsminer’s Revenue Could Hit $1 to $2 Billion in 2021
According to Chinese media outlets and Asian journalist Collin Wu, the company’s market value can exceed “tens of billions.”
Citing three sources familiar with the matter, Wu says that such a move could help the mining giant obtain more funds to increase its production capacity.
The founder of Microbt, Yang Zuoxing, is a former employee of Bitmain, and he claims to be the pioneer of the S9 mining devices Bitmain produces. Back in 2019, Bitmain sued him for “infringement of trade secrets.”
Microbt’s IPO plans include going public, on Nasdaq. The U.S. public listing plans have been in the works since 2019. However, the aforementioned legal issues with Bitmain ahve delayed the listing.
Per Weixin, due to the surge in mining machines’ price, Microbt’s revenue could hit $1 to $2 billion in 2021. That’s why the expectations around the company are high in anticipation of the IPO, said Wu.
Although a timeline is not set yet, Weixin forecasts that both Microbt and Bitmain could be listed in the U.S. in the next two years.
Latest Moves in the Crypto Mining Industry
Overall, the crypto mining world has been quite lively in the last few months, especially in the manufacturing industry. 500.com Ltd reached an initial agreement to acquire mining machines from an unnamed non-U.S. seller. The transaction will allow the company to acquire mining machines, including such models as the M20s from Microbt, and S17, T17, and S9 from Bitmain.
On December 16, 2020, Bitcoin.com News reported that the latest generation mining rigs’ prices have gone up 35% since the beginning of November.
What are your thoughts on Microbt’s IPO plans? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons