As one of the largest Bitcoin miner, Bitmain officially announces its plan of going for IPO, Bitcoin Cash surges well over 23 percent since yesterday. BCH is expected to have even more good days ahead.
Bitcoin Cash (BCH) surges 23% over Bitmain going public
Since yesterday, Bitcoin Cash (BCH) is enjoying significant gains on the news of Bitmain going public with its IPO filing. At the time of writing, Bitcoin Cash has been trading at $528 while enjoying the 24-hours gain of over 18 percent. In the past two days, BCH has risen more than 23 percent.
The world’s 4th largest cryptocurrency has a market cap of over 9 billion with a daily trading volume of about 1 billion. As can be seen in the below-given chart, Bitcoin Cash (BCH) took a sudden spike yesterday.
Though the entire crypto market is enjoying the greens, the surge in BCH price is all because of Bitmain officially filing for IPO. “This spike was definitely caused by Bitmain’s IPO filing,” Mati Greenspan, the senior market analyst at eToro has been quoted as saying.
As further pointed out by Ran NeuNer:
I guess the market like the idea of a Bitmain listing. Over 5% of all BCH will be in the hands of a publicly listed company. pic.twitter.com/PAzxWIx5w7
— Ran NeuNer (@cryptomanran) September 27, 2018
Bitmain goes for IPO, a significant jump in profits & customer base
The Chinese Bitcoin mining giant has finally revealed the details of its intention to get listed on the Hong Kong stock exchange. About 5 years ago, billionaire Jihan Wu, co-founded Bitmain and recently got a $12 billion valuation as well.
Bitmain rode the crypto boom very well as evident from the fact that its revenue and profits took a surge from $137 million in 2015 to $2.52 billion in 2017.
Crypto enthusiast Kevin Rooke shared the revenue and profit findings via his Tweet:
From Bitmain IPO prospectus…
2015 revenue: $137M
2016 revenue: $277M
2017 revenue: $2.52B
2018 1H revenue: $2.85B
2015 profit: $48M
2016 profit: $114M
2017 profit: $701M
2018 profit: $743M pic.twitter.com/4vl67sMhw8
— Kevin Rooke (@kerooke) September 26, 2018
Not just profits, the customer base of bitmain has also grown over these past few years. At the end of June, the organization had over 80,000 customers in comparison to about 6,000 three years ago.
This certainly is a good time for the Bitcoin Cash as though Bitmain do hold Bitcoin as well, they have publicly supported Bitcoin Cash (BCH). As stated by the managing director of Amulet, crypto-to-crypto derivatives platform to Forbes,
“It has been no secret that Bitmain holds massive amounts of BCH, but now that they are going public they are going to fill their already immense treasure chest with more money, and I’m confident a good chunk of it will go towards the development of BCH. Exciting times ahead for Roger and Jihan.”
Being more than 87 percent down from its all-time high (ATH), Bitcoin Cash (BCH) is expected to take a nice boost from Bitmain going public.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.