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What you need to know about Bitmain’s upcoming IPO

Bitmain has been on the news lately due to false claims made by Bitmain and some media outlets ahead of Bitmain’s upcoming IPO. The company which is known to be the industry’s leader with its ASIC miners has been raising questions for the past few days.

In a bit to attract more institutional investors, Bitmain is alleged to have listed some companies as already investors in their upcoming ICO some of whom have denied any involvement in the IPO.

In an email conversation with Cointelegraph, a managing partner at DST which is alleged to be one of the investors in Bitmain’s upcoming “can confirm that DST has never invested in Bitmain.”

Also, Tencent Holdings and SoftBank Group are both disputing their involvement with Bitmain’s upcoming IPO. This is following a series of reports that circulated that both companies were associated with Bitmain’s IPO earlier this month.

However, both companies have confirmed to CoinDesk that they are in no way associated with the IPO. SoftBank, for example, had this to say when asked about their involvement with the IPO

“Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal”

They also stated that they have never had anything to do with any prior investment in Bitmain.

Another firm, China International Capital Corporation when asked about its involvement with Bitmain’s upcoming IPO refused to comment.

This has then sparked a lot of concerns within and outside the cryptocurrency community with many questioning the industry giant and its IPO. Blockstream’s CSO also questioned why the company only has Q1 results to show potential investors

“Why is Bitmain raising capital so fast & only showing Q1 results to pre-IPO investors? We’re well into Q3 now. The reason is Q2 was a disaster. Bitmain is sitting on a massive $1.24 billion USD in inventory & S9 prices dropped by ~85%! Q2 losses range in the $600-700 millions.”

Nevertheless, Bitmain is yet to comment on the above allegations as the company has been silent ever since the stories emerged.

What are your thoughts on Bitmain’s Upcoming IPO?

Let’s know in the comment section below.

 

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Cryptoline News is an independent Blockchain and Cryptocurrency news, reviews and tips platform. Send all news tips and Press Releases to editor@cryptolinenews.com

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