Bitmain, the leader in cryptocurrency mining industry, is registering for an IPO (initial public offering) expecting for around $18B by September 2018 and achieve the market capitalization of approximately $50B. The company by the late 2018 or in the early months of 2019 will be among the Hong Kong Stock Exchange list.

Bitmain already shut a $1B pre-IPO capitalization round on July 23 and reach a valuation of $15B. The valuation is almost twice the value of Coinbase which is reported to be $8B.

The Series A and Series B funding rounds of $50m and $400M respectively of the company were led by Sequoia Capital China in association with IDG Capital of San Francisco, DST Global of Russia, Coatur Management from Menlo Park, and EDBI and GIC from Singapore.

By now Bitmain has made $2B from profits and earned around $10B from their bitcoin holdings. In 2017, the machines of the company have done 66.6% of the complete cryptocurrency volume and the cryptocurrency mining pools run by Bitmain hold 40% of the complete mining industry.

The IPO of 2018 is demonstrating BTC.com as the biggest cryptocurrency mining pool globally, has around 560K machine that has by now approximately mined 11.2K from the total 36K bitcoin segments. AntPool is the second biggest mining firm that has 440 machines to mine Bitcoin and other available cryptocurrencies.

Bitmain has earned $1B, $11B, and $10B from its 2016, 2017, and Q1 of 2018 respectively just from the value that its bitcoin holds in the market.

It was December 2017, when Bitmain took over Huawei HiSilicon in the sales of the 16-nanometer chip. The sales it accomplished in 2017 have made Bitmain the groundbreaker in the field of advanced lithography chips.

Now Bitmain is planning to move into the AI Business and has a plan of earning 40% of its revenue only from AI business by 2023.