PRESS RELEASE

Cryptocurrency Tycoons Will Soon Know How Much They Are Really Worth

The cryptocurrency phenomena continue to gather pace and we continue to see its growing presence in numerous spaces like online retail, banking, and gaming. Obviously, there are other established companies that are still considering their options and assessing the technology, such as leading mobile casino brand, mFortune. However, there are many who have taken the plunge early on and have managed to forge ahead; making serious money in the process.

Cryptocurrency Mining Device and Stock Listings

Bitmain Technologies, Canaan and Ebang International are three of the biggest cryptocurrency mining device developers in the world; and all three are now pursuing stock listings in Hong Kong. There’s no denying that these three companies are integral to the virtual currency sector; but being approved on the stock listings in Hong Kong will indicate to Bitmain’s Jihan Wu, Canaan’s Zhang Nageng and Ebang’s Hu Dong a public assessment of their companies.

As things stand, these three companies are slightly at risk as the demand for cryptocurrency miners could reduce significantly. This means share prices would fall. However, the companies have been pro-active and have started moving towards other fields such as artificial intelligence, which would see them become less dependant on the crypto market. Going public will allow these companies to show what they can bring to the table going forward.

The Growth

So far, it’s near enough impossible to find out how much cryptocurrency mining tool developers are raking in. And also what the people behind them are worth too, but if they were to float on the Hong Kong stock market that would all change. It’s estimated that Bitmain’s backers have a net worth of around $4,929 million according to Bloomberg. They also estimate the people behind Canaan are worth more than $550 million and Ebang’s financiers are said to be worth over $750 million.

Bitmain is currently the domibnant force in the sector. Nonethless, it is rumored they are looking to raise more than $3 billion with their IPO. The shares are currently split within the company but Jihan Wu and Micree Zhan control a majority 60% of them. Bitmain aren’t just sellers of mining tools either. However, they’re also involved in running some of the most important and powerful mining collectives too. The members of these collectives often combine their processing power and equally split their reward.

The Rise of Bitfury

Bitfury is another company on the rise and one of the perceived heavyweights of the industry. They are also said to be open to the idea of an ICO. However, there are no plans in place at the time of writing. According to a spokesman, they are said to have recorded $450 million in revenue over the last year. With this, the CEO and co-founder Valery Vavilov and Valery Nebesny are controlling a majority stake in the company. Canaan’s three founders hold 17% each of the business, while Hu Dong, the man behind Ebang, holds over two-thirds of his company.

Virtual currency prices are currently on the decline and have been since the beginning of the year. Bitcoin and others are said to have decreased in value by over 60%. This has seen many shareholders and owners of companies looking to get out now, while they’re still able to take advantage of their work in growing the business, taking home a profit in the process. So, they’ll certainly be hoping that their exposure on Hong Kong’s stock listings works in their favour.

Note: This press release is for an informational purpose only. Coinpedia is not responsible for the accuracy of the content provided in the article. Thereby, readers are advised to consider company’s policy & T&C before making any investment.

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