The cryptocurrency world has been buzzing with speculation about Bitmain, one of the most influential players in the blockchain mining hardware industry. Rumors of a stalled IPO, financial losses, and even potential bankruptcy have cast shadows over what was once seen as a golden tech unicorn. But how much of this is true? And more importantly—is Bitmain still on track for its long-anticipated Hong Kong listing?
Let’s dive into the facts, separate myth from reality, and explore what’s really going on behind the scenes.
The IPO That Never Was—Or Is It Still Coming?
In recent weeks, a tweet from the founder of Coingeek sparked widespread concern:
“Bitmain will terminate its IPO and attempt a restructuring. Their technology no longer works—they failed on their reckless, untested Wormhole Cross-chain project.”
The message spread like wildfire across crypto circles. Add to that the absence of Bitmain’s name on the Hong Kong Stock Exchange’s updated list of pending applicants as of September 14, and skepticism grew.
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But here's the twist: sources close to Bitmain claim these reports are deliberate disinformation, likely fueled by ideological conflicts stemming from past Bitcoin Cash (BCH) network forks. Coingeek and other accounts like Btcking555 have long-standing rivalries with Bitmain due to differing visions for blockchain development.
Because Bitmain is currently in a pre-IPO quiet period, they’re legally restricted from commenting publicly. However, insiders confirm: the listing process remains active and under preparation.
So while there’s no official submission yet, that doesn’t mean the IPO is dead—it may simply be timing-related.
Investment Denials: Tencent, SoftBank, and the Pre-IPO Hype
Earlier reports suggested that tech giants Tencent and SoftBank had joined Bitmain’s Pre-IPO round, fueling optimism about a high-profile listing.
But those claims quickly unraveled.
On August 20, Tencent Technology issued a clear statement:
“We have not participated in any investment in Bitmain.”
SoftBank followed suit, clarifying that neither the group nor its Vision Fund had invested in the company.
Wu Jihan, Bitmain’s co-founder, also weighed in:
“Some reports regarding our IPO are false.”
This raises questions about transparency—but also highlights the speculative nature of pre-listing rumors. While big-name investors would boost credibility, their absence doesn’t necessarily undermine Bitmain’s fundamentals.
Financial Health: Profits, Risks, and BCH Exposure
One of the most persistent concerns involves Bitmain’s exposure to Bitcoin Cash (BCH).
Reports suggest that in 2017, Bitmain used 67% of its cash flow to purchase BCH, treating it as both an ideological bet and a strategic reserve. However, as BCH prices declined significantly in subsequent years, analysts estimate potential losses of up to $328 million.
That’s a substantial hit—but not catastrophic for a company with strong revenue streams.
Let’s look at the bigger picture.
Impressive Financials Despite Market Swings
According to disclosed financial data:
- 2016 Revenue: ~$970 million
- 2016 Net Profit: $97 million
- 2017 Revenue: ~$2.5 billion
- 2017 Net Profit: $1.18 billion
Bernstein Research offered a conservative estimate:
With a 75% gross margin and 65% operating margin, Bitmain’s 2017 operating profit ranged between $3 billion and $4 billion—comparable to NVIDIA’s performance that year.
“Bitmain achieved in four years what took NVIDIA 24.”
This level of profitability underscores the strength of its core business: designing and selling ASIC miners for Bitcoin and other proof-of-work blockchains.
Valuation Hopes: From $180 Billion to Reality Check
At one point, market speculation placed Bitmain’s potential valuation at a staggering $180 billion, which could have made it one of China’s top tech giants overnight.
Even a more realistic $30–50 billion range would position it among elite semiconductor innovators globally.
But here’s the catch: valuations depend heavily on market sentiment, growth trajectory, and regulatory clarity—all of which are volatile in the crypto space.
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While the $180 billion dream may have cooled, a successful IPO—even at a lower valuation—could still reshape perceptions of blockchain-native enterprises.
Bankruptcy Rumors: “Send Your Resume”
On September 17, another wave hit when a Twitter user claimed INEWS QQ reported that Bitmain might face bankruptcy within months.
The response? Wu Jihan replied simply:
“Send your resume.”
A dry, sarcastic clapback—but also a subtle denial.
While no company is immune to market risks—especially in cyclical industries like crypto mining—the idea that Bitmain is near collapse ignores its massive installed base, ongoing product innovation (like newer Antminer models), and diversified operations including cloud mining and AI chip R&D.
FAQs: Your Top Questions Answered
Q: Is Bitmain still planning to go public in Hong Kong?
A: While no formal application has been filed yet, multiple sources confirm the IPO process is ongoing. Regulatory timing and market conditions likely influence the delay.
Q: Did Tencent or SoftBank invest in Bitmain?
A: Both companies have officially denied involvement. Any prior reports suggesting otherwise were inaccurate.
Q: How much did Bitmain lose on BCH investments?
A: Estimates suggest up to $328 million in paper losses due to BCH price declines. However, this doesn’t reflect immediate cash impact unless assets were sold.
Q: Can Bitmain survive intense competition and falling crypto prices?
A: Yes. Its high-margin hardware business, brand dominance (Antminer), and cost-efficient manufacturing give it resilience—even during bear markets.
Q: What are Bitmain’s main revenue sources?
A: Primarily ASIC miner sales. Secondary streams include mining pools (like Antpool), cloud mining services, and emerging ventures in AI chips.
Q: Why does Bitmain matter beyond mining?
A: It represents one of the first blockchain-native companies to reach unicorn scale with real profits—offering a blueprint for sustainable Web3 business models.
Final Thoughts: Still a Contender?
Despite rumors, denials, and market turbulence, Bitmain remains a powerhouse in the blockchain ecosystem. Its technological edge, profitability, and global footprint make it a rare example of a crypto company built on real economics—not hype.
Yes, challenges exist—market competition from Canaan Creative and MicroBT, price volatility of digital assets, regulatory uncertainty—but none are insurmountable.
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The road to an IPO may be longer and bumpier than expected, but if history tells us anything, Bitmain has always operated on its own timeline.
So, will Bitmain list in Hong Kong?
All signs say: not dead yet.
For investors and observers alike, the key is patience—and watching not just headlines, but fundamentals.