One of the world’s largest manufacturers of bitcoin mining machines is preparing to go public in the United States. According to reports, China-based Whatsminer is seeking to obtain more funds to purchase Samsung chips through an initial public offering (IPO).
Whatsminer’s revenue may reach $1 to $2 billion in 2021
According to Chinese media and Asian reporter Wu Kelin, the company’s market value can exceed “Tens of billions.”
Quoting three sources familiar with the matter, Wu said that this move can help the mining giant get more funds to increase its production capacity.
Yang Zuoxing, the founder of Whatsminer, is a former employee of Bitmain. He claims to be the pioneer of the S9 mining equipment produced by Bitmain. As early as 2019, Bitmain sued him for “violating trade secrets.”
Whatsminer’s IPO plan includes listing on the Nasdaq. Since 2019, the US public listing plan has been brewing. However, the aforementioned legal issues related to Bitmain ahve delayed the listing.
According to the increase in the price of mining machinery, Per Weixin said that Whatsminer’s revenue may reach US$1 to US$2 billion in 2021. This is why companies have high expectations for an IPO.
Although a timetable has not yet been set, WeChat predicts that both Whatsminer and Bitmain will be listed in the United States within the next two years.
The latest trends in the crypto mining industry
Overall, the cryptocurrency mining industry has been very active in the past few months, especially in manufacturing. 500.com Ltd reached a preliminary agreement to purchase mining machines from an unnamed non-US seller. The transaction will enable the company to purchase mining machines, including the M20 from Microbt S17, T17 and S9 from Bitmain.
On December 16, 2020, news.Bitcoin.com reported that the price of the latest generation of mining equipment has risen by 35% since the beginning of November.
What is your opinion on Whatsminer’s IPO plan? Let us know in the comments section below.
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