After publishing attractive profits in 2017, the recent bear market has some cryptocurrency firms closing down the accesses as they post lesser profits. However, Bitmain is not one of them.
Mentioning an email acquired from a source close to the China-based firm, Fortune confirms that Bitmain made about $1.1 billion in profit during the first quarter of 2018. As expected, the firm hopes to earn $2 to $3 billion in profit for the fiscal year.
As a matter of fact, those figures landed Bitmain almost at the same level with the likes of chip making giant Nvidia, who made a net income of $1.2 billion during the first quarter and has a $150 billion market cap.
It also signals a beneficial rise since last year when Bitmain noted that is made about $1.2 billion in profit and $2.5 billion in revenue.
The email also goes not to reveal that Bitmain is in the last stages of planning to have an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX). Even though the firm is yet to reveal the date of the listing, it was confirmed that is will go public “very soon.”