Bitmain’s IPO — Is This The Holy Grail Its Founders Are Praying For?

Bob Coiney

September 13, 2018

As Bitmain’s disastrous Q2 financials have yet to be released, investors aren’t thrilled with the company. Some have even gone so far as to start asking for their money back.

It’s now been more than 60 days since the end of Bitmain’s second quarter, and the company has yet to release their numbers. This has left many investors skeptical about Q2’s numbers, and also at the fact that there were no big names that invested in the company’s IPO.

IPO Investors Unhappy

With the recent events that have taken place, Wu Jihan, Bitmain’s co-founder, is now rushing to put together a $1 billion pre-IPO round before Q2’s numbers are released.

So far, the pre-IPO is not looking very promising. For the most part, investors have not been happy with Bitmain’s actions, and some have even begun asking for money back or demanding considerable discounts for being part of the IPO.

Fear Of Missing Out

In the past, Bitmain has made mentions of several big names that were interested in investing in the company’s IPO. However, as more information comes to light, the big names that Bitmain mentioned, such as Softbank, Tencent, and Temasek, are nowhere to be found.

Many investors have now been lead to believe that Bitmain only mentioned such names in hopes of creating FOMO and drawing more people to invest in the IPO. Investors are unhappy with Bitmain, not just about the lack of interest from big name companies, but also at the deteriorating numbers concerning the IPO.

As it stands, Jihan is still on call with investors. However, it would seem that his, as well as his company’s name, has been significantly tarnished by the recent events.

According to recent Tweets, Bitmain’s contracts are crafted in adherence to Hong Kong Law, which strictly prohibits any omission of information. Due to this, there have been rumors of investors looking to file lawsuits against the company.

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