Bitmain IPO comes into question as a screen grab of Bitcoin Cash holdings leaks

  • August 13, 2018
  • 10:01 am ET

img via Bitmain

A screen grab taken by Samson Mow shows that Bitmain holds a huge amount of Bitcoin Cash and may be in trouble as it gears up for a September IPO in Hong Kong.

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Bitmain, one of the most popular manufacturers of ASIC miners, continues to be a target of increased scrutiny as rumors swirl that they will access capital markets in September through a long-anticipated IPO.

A screen grab, taken by Samson Mow, Blockstream CSO, has raised questions:

After perusing the company’s pre-IPO investor deck, Mow discovered that Bitmain ditched the majority of its Bitcoin for Bitcoin Cash. This is a problem as they now own 6% of a mostly illiquid BCH.

He continues by stating:

Until now, peripheral holdings were not known, just the main BTC holdings shown in their public Bitcoin wallet.

As you can see from the screen grab, Bitmain does hold a reasonable amount of DASH (312,066) and Litecoin (931,932), while their ETH holdings amount to less than $1 million.

After raising as much as $1 billion from big names like Tencent and Softbank, going public at $18 billion in Hong Kong may prove difficult.

Bitmain IPO comes into question as a screen grab of Bitcoin Cash holdings leaks
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