False Information About Investors Is Indicated In Bitmain Promo
Investors received false information on an investment round of Bitmain Technologies during the pre-initial public offering (IPO), Coindesk reports.
Slide decks of Bitmain, a major manufacturer of mining equipment and software developer, indicated that Digital Sky Technologies Global (DST), a venture capital fund, and GIC Private, Singapore’s sovereign fund, are the company's primary investors.
There are three versions of the pitch decks, which contain information that fail to comply with the facts, media notes.
As follows from the first version composed in Chinese, Bitmain has recently completed a Series B funding round, during which it raised $400 million, and a preliminary investment was estimated at $12 million. Sequoia Capital, DST, and GIC were named the investors, according to the slide decks.
The other two versions of the presentations, which were translated into English, included information about fundraising investments in the same amount, the same series of the funding round, and from the same large institutions.
In August, after the news on participants in the Series B funding was spread, Jan Wootten, a representative of DST, denied the information about their company’s investments in Bitmain. It was followed by refutations from GIC.
Now, the question regarding who initiated the misrepresentation remains open. Bitmain thus far has not commented on the situation, although the company's logo is present on all presentations.
As previously reported, Bitmain filed an application for organizing an IPO on the Hong Kong Stock Exchange.