Sequoia Capital China said to lead $400m pre-IPO round in bitcoin miner Bitmain

Bitmain cofounder Jihan Wu. Photo: Bloomberg

Venture capital firm Sequoia Capital China has reportedly led a $400 million pre-IPO round in local bitcoin miner and mining chip designer Bitmain Technologies Ltd, in a deal that valued the company at $12 billion.

The reports by local media, which cited information from insiders, also said that Bitmain plans to apply for an initial public offering in Hong Kong in September and expects to go public with market capitalization between $30 billion and $40 billion by the end of this year.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter