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Bitmain is planning a $3 billion IPO

Bitmain, China-based cryptocurrency mining equipment maker might initiate an initial public offering (IPO) in Hong Kong as early as this September, sources familiar with the matter told Bloomberg. The largest crypto mining chips manufacturer is targeting $3 billion.

Bitmain, which is led by co-founder Jihan Wu, intends to file a listing application with the Hong Kong stock exchange. The company has recently completed a funding round, during which its total valuation was estimated at around $15 billion.

For Bitmain – which is estimated to control as much as 80 % of the market for crypto mining gear – an IPO may mark a step toward a future beyond crypto. Wu, who co-founded the company in 2013, has said he wants to branch out into areas such as artificial intelligence (AI). A listing could give Bitmain the extra funding and public profile it needs to pursue other businesses.

Details of Bitmain’s listing haven’t been finalized, and its fundraising target could change, the people said.

While Bitmain gets most of its revenue from mining equipment sales, it also runs some of the world’s biggest mining collectives, in which members combine their processing capacity and split the rewards.