Bitcoin Mining Giant Bitmain Just Officially Filed for Its IPO

Bitmain, the Beijing-based bitcoin mining giant, has officially filed an application in its bid to go public on the Hong Kong Stock Exchange.

Published on Wednesday, Bitmain's long-awaited initial public offering prospectus follows various news reports that the mining giant has been mulling a Hong Kong listing and weighing a multi-billion dollar public fundraising.

The prospectus states that, for adjusted net profit, Bitmain accrued $48.6 million in 2015, $113.5 million in 2016, $952.5 million in 2017 and $952.1 million as of the second half of 2018.

According to the prospectus, Bitmain reported a balance of cryptocurrencies - denominated in bitcoin, bitcoin cash, ether, litecoin and dash - of $886.9 million as of June 30, 2018.

Bitmain sold 230,000 miners in 2015, 260,000 miners in 2016, 1.62 million miners in 2017 and, as of the second quarter of 2018, 2.56 million miners.

The prospectus also shows the diversification of the mining products Bitmain sells.

The company wrote that because it anticipated a "Strong market growth for cryptocurrency mining hardware" moving into 2018, Bitmain placed a large order for new hardware from its production partners.

According to the prospectus, Bitmain has been scooping up some of the parcels of land on which it mines cryptocurrencies.

Beyond the revenue figures, Bitmain's prospectus also includes a range of information about both the company itself as well as the IPO process.

The prospectus also highlights the companies that worked on the IPO deal or provided advisory services to Bitmain.