Bitmain Company To Go Public On Revenue in September — Insider
Chinese company Bitmain, the largest mining equipment manufacturer, can disclose data on its revenues for the second quarter of 2018 earlier than planned ― in September.
In accordance with Twitter user BTCKING555, known for insider information dump about Bitmain’s IPO, the financial director of Bitmain published financial data of the first quarter in 60, not 90, days after its completion. As such, it may be deduced that company’s profitability results of the second quarter can be disclosed now, that is, this month.
Bitmain insider says Jihan is furious that CFO put information disclosure at 60 days after quarter end vs 9! Meaning disastrous Q2 results (apr-june) have to be disclosed NOW. @IDGCapital @jimihendrixlive @sequoia @sinovationvc And new 2018 revised profit is NEGATIVE #BitmainIPO— BTCKING555 (@btcking555) September 8, 2018
According to BTCKING555, Bitmain’s revenue for this period will be “catastrophic.” It is also reported that the company has revised its expected profit figures for 2018 and finds them unprofitable.
Many experts also expect that the return on investment of the largest supplier of mining equipment will be low: in August, the company significantly drove up the price of Bitcoin Cash from $587 to more than $860. In addition, the cost of the crypto mining equipment Antminer S9 fell by 85% and now it is valued at $536.
As explained by analysts from Sanford C. Bernstein & Co, Bitmain may lose its leading position to competitors. Representatives of the law firm Restis Law commented on the tweet made by BTCKING555, postulating that deliberate concealment of negative financial statistics is regarded as fraud. They noted that the pre-disclosure of such data by the financial director at Bitmain was a "smart move." With reference to this, BTCKING555 replied that transparency is “not his game” (Bitmain’s CFO).
If negative financial information is known and not disclosed, that’s securities fraud. CFO signs financial statements, so smart move.— RestisLawFirm (@RestisLawFirm) September 8, 2018
Earlier it was reported that Bitmain is planning to sell its shares in the amount of $3 to $18 billion. Despite the control of 80% of the mining equipment market, IPO of the company may be a failure.