Bitmain Revenue, Valuation, Funding & Investors
Bitmain is valued at $15B as of August 2018, a 5.4x multiple on its last reported $2.8B revenue.
Last Bitmain valuation
$15B
Series B · Aug 2018
Last Bitmain funding round
$422M
Series B · Aug 2018
Bitmain revenue
$2.8B
Series B · Aug 2018
Key investors in Bitmain
HSG
IDG Capital
Temasek
Coatue
Sinovation Ventures
EDBI
About Bitmain
Bitmain is a Beijing-headquartered manufacturer of ASIC miners for Bitcoin and other cryptocurrencies. Founded in 2013, it produces Antminer series rigs dominating 70 percent of global hashrate. Bitmain operates mining pools like AntPool servicing 20 exahash per second and cloud mining services. Offices in San Francisco, Tel Aviv, Hong Kong, Chengdu, and Shenzhen support R&D in 5nm chip design.
Founded
2013
HQ
BeijingWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales, Usage-based
Revenue
$2.8B (Aug 2018)
Valuation
$15B (Aug 2018)
Bitmain Valuation
Bitmain is currently valued at $15B, based on its Series B in August 2018.
The $422M round was led by Crimson Ventures, with participation from Temasek, Jumbo Sheen Group, Newegg, Norís Capital, CAS Investment Management and 1 other investor.
Bitmain's valuation has grown 1.3x from $12B at its Series B in June 2018 to $15B in August 2018, across 2 priced rounds.
Bitmain valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2018 | Series B | $15B | 5.4x |
| Jun 2018 | Series B | $12B | 1.2x |
Bitmain Revenue
Bitmain's latest recorded revenue is $2.8B, as of its Series B in August 2018. At a $15B valuation, that implies a 5.4x revenue multiple.
Revenue moved from $10B in June 2018 to $2.8B in August 2018, while the revenue multiple moved from 1.2x to 5.4x.
Bitmain revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2018 | $2.8B | $15B | 5.4x | Series B |
| Jun 2018 | $10B | $12B | 1.2x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Bitmain Funding History
Bitmain has raised a total of $765M across 3 funding rounds.
Bitmain's first fundraising round was a $50M Series A in September 2017. The most recent completed round was a $422M Series B in August 2018.
Bitmain funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2018 | Series B | Crimson Ventures (lead); Temasek; Jumbo Sheen Group; Newegg; Norís Capital; CAS Investment Management; Huangpu River Capital | $422M | $15B | Bitmain is a leading designer of cryptocurrency mining hardware and blockchain computing solutions, best known for its Antminer product line featuring application-specific integrated circuits (ASICs) that have dominated the mining hardware market, capturing up to 94% of its revenue by mid-2018. The company raised approximately $400 million in its 2018 Series B round led by Crimson Ventures, achieving a post-money valuation of around $12-15 billion, with total cumulative funding reaching about $765 million including prior seed and Series A rounds. Investors in the ecosystem include early-stage institutional and strategic partners focused on semiconductors, blockchain, and high-performance computing. In its pre-IPO funding round in August 2018, Bitmain secured $422 million led by Crimson Ventures (contributing around $150 million), following a Series B in June 2018 that closed at $292 million led by SCC Venture and an earlier Series A of $50 million. The funds supported scaling ASIC chip development, expanding mining hardware production, and entering AI computing markets. Revenue grew explosively from $137.3 million in 2015 to $2.5 billion in 2017, with H1 2018 revenue already at $2.8 billion surpassing the full prior year, driven primarily by mining hardware sales. Profits mirrored this growth, rising from $48.6 million in 2015 to $952.6 million in 2017 at a 280% CAGR, reflecting Bitmain's pivotal role in the global crypto mining ecosystem amid surging cryptocurrency demand. The company filed for an IPO in 2018, engaging advisors like China International Capital Corporation and KPMG, while planning expansions into energy-efficient mining technologies, liquid-cooled systems, and AI products. |
| Jun 2018 | Series B | HSG (lead); Evernew Capital; Mindfulness Capital; EDBI; Coatue | $293M | $12B | Bitmain, a leading Chinese cryptocurrency mining hardware manufacturer founded in 2013, specializes in application-specific integrated circuit (ASIC) miners through its Antminer product line and controls 70-80% of the global crypto mining market. In June 2018, the company secured a Series B funding round of approximately $293 million led by HSG, with participation from Coatue Management, EDBI, and others including China Taijia and Blue Lighthouse, bringing total funding to $785 million at a post-money valuation of $12 billion. This round positioned Bitmain as a unicorn with significant market dominance over competitors like Canaan Inc. and even graphics chipmakers such as Nvidia. Following the June funding, reports emerged of subsequent investment interest from major players like Tencent and SoftBank, pushing Bitmain's valuation to around $15 billion in anticipation of a pre-IPO round, with plans for an IPO on the Hong Kong Stock Exchange or a U.S. venue targeting up to $30 billion valuation. By July 2018, Bitmain was eyeing a public offering at $14 billion, up from the $12 billion June valuation, amid expansion efforts including a Silicon Valley facility, a Texas data center employing up to 400, and operations in Arizona and Washington State. Financially, Bitmain reported strong performance with $1.2 billion in net profit for all of 2017 at a 50% operating margin, $1.1 billion net profit in Q1 2018 alone, and projections of $2-3 billion for full-year 2018, alongside last year's operating profits up to $4 billion exceeding AMD and Nvidia. The company committed to greater transparency by publishing total hashrate of its servers every 30 days ahead of IPO scrutiny, though it faced criticism for alleged market control and pricing practices that could inhibit competitors. |
| Sep 2017 | Series A | HSG (lead); IDG Capital (lead); Sinovation Ventures (lead) | $50M | - | Bitmain Technologies is a manufacturer of bitcoin mining hardware and equipment. The company raised $50 million in its Series A round in September 2017 from lead investors HSG, IDG Capital, and Sinovation Ventures. The company has since raised additional capital across multiple rounds, including a Series B round in June 2018 for $292.7 million and another Series B tranche in August 2018 for $422 million, bringing total disclosed funding to $764.7 million across three rounds through 2018. Bitmain has made notable investments in cryptocurrency infrastructure companies, including an investment in Liquid, a Japan-based cryptocurrency trading platform, as part of a Series C round that valued Liquid at over $1 billion. |
Who has invested in Bitmain?
14 investors have backed Bitmain across its funding rounds, including HSG, IDG Capital, Temasek, Coatue, Sinovation Ventures and EDBI.
Lead investors include Crimson Ventures, HSG, IDG Capital and Sinovation Ventures.
Bitmain Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Hong Kong | 2 | Lead | Sep 2017 | |
 Singapore | 1 | Participant | Aug 2018 | |
 San Francisco, CA | 1 | Lead | Aug 2018 | |
| Beijing | 1 | Lead | Sep 2017 | |
| Shenzhen | 1 | Participant | Aug 2018 | |
| Los Angeles, CA | 1 | Participant | Aug 2018 | |
| San Francisco, CA | 1 | Participant | Aug 2018 | |
 Taipei | 1 | Participant | Jun 2018 | |
| Beijing | 1 | Participant | Aug 2018 | |
| Hong Kong | 1 | Participant | Jun 2018 | |
| Beijing | 1 | Lead | Sep 2017 | |
| Singapore | 1 | Participant | Jun 2018 | |
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Start Free TrialAcquisitions by Bitmain
Bitmain has acquired 1 company to date.
Last acquisition by Bitmain was on July 20th 2016. Bitmain acquired BlockTrail for undisclosed valuation.
Latest Acquisitions by Bitmain
| Description | BlockTrail is an Amsterdam-based Bitcoin infrastructure provider delivering a block explorer, developer API, and HD wallet platform. Established in 2014, the company operates a public block explorer called Scout that indexes the Bitcoin blockchain for real-time transaction data and analytics. Its developer platform includes a scalable API supporting multi-signature wallets and payment processing for businesses. BlockTrail maintains a global network of full nodes to ensure high-availability data feeds, enabling applications like merchant payment gateways and portfolio trackers across Europe and beyond. |
| HQ Country |  |
| HQ City | Amsterdam |
| Deal Date | 20 Jul 2016 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Bitmain acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Bitmain
Bitmain has invested in 24 companies to date.
Latest investment by Bitmain was on June 25th 2020. Bitmain invested in Ava Labs in their $12M ICO round.
Latest Investments by Bitmain
| Description | Ava Labs is a New York-headquartered blockchain developer behind the Avalanche network, enabling scalable subnets for custom finance applications. Users launch public or private chains supporting digital assets, DeFi protocols, and NFTs with sub-second finality. The platform powers institutions like JPMorgan and Deloitte for tokenized assets. Founded in 2020, Avalanche processes over 4,500 transactions per second. | SAI.TECH is a Singapore-headquartered clean-tech Bitcoin mining operator founded in 2019, integrating proprietary liquid cooling systems and waste heat recovery technology from ASIC miners to produce usable hot water for district heating applications while operating data centers in North America and Europe. | NuCypher is a San Francisco-headquartered cryptography firm developing privacy infrastructure and protocols on the Ethereum blockchain. The platform enables proxy re-encryption for secure data sharing without exposing keys. Its native token supports staking to operate decentralized nodes that provide key management services to decentralized applications. Founded in 2015, NuCypher facilitates threshold cryptography schemes used in blockchain privacy tools and merged efforts with Keep Protocol to advance the Threshold Network for enhanced data protection in web3 ecosystems. | Liquid Global is a Tokyo-headquartered cryptocurrency exchange operating the Liquid Network for institutional trading. Launched in 2014 by Quoine, it supports over 100 assets including Bitcoin and Ethereum paired with fiat currencies like JPY, USD, SGD, AUD, and EUR. The sidechain-based platform enables fast settlements and confidential transactions, serving users in Asia-Pacific with features like margin trading and staking. | |
| HQ Country | | | |  | |
| HQ City | New York City, NY | Singapore | San Francisco, CA | Tokyo | |
| Deal Date | 25 Jun 2020 | 1 Jun 2020 | 7 Oct 2019 | 3 Apr 2019 | |
| Round | ICO | Angel | ICO | Series C | |
| Raised | $12M | $1M | $11M | $9M | |
| Investors | Galaxy Digital; Dragonfly; Initialized Capital; NGC Ventures; Digital Asset Capital Management; Lemniscap; Metaconomy Capital; Hashkey Exchange | - | Compound; Hashed; Arrington XRP Capital; Notation Capital; Kosmos Ventures; DHVC; Continue Capital; Polychain; BitFury Capital; Y Combinator Continuity Fund; CoinFund | IDG Capital | |
| Valuation | undisclosed | undisclosed | undisclosed | $18M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Bitmain Competitors
Bitmain competitors include listed companies like IREN, Hut 8, TeraWulf and Riot Platforms, and private ones like CrytocoinMiner and Layer1.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Australia | Publicly listed | $707M | ($312M) | $17B | 16.3x | |
| United States | Publicly listed | $235M | ($165M) | $11B | 69.6x | |
| United States | Publicly listed | $168M | ($484M) | $8.2B | 45.3x | |
| United States | Publicly listed | $647M | ($306M) | $8.2B | 12.9x | |
 Slough | Private | - | - | $500M | - | |
| San Francisco, CA | Private | - | - | $200M | - |
Bitmain Public Comps
Bitmain is still privately-owned, but its public comps include SCREEN Holdings Co., HANMI Semiconductor, TCL, HGTECH, Unisplendour, Fabrinet, Zebra, Huaqin Co, Besi and SECOM.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.9B | $902M | 3.5x | 3.2x | 15.0x | 13.8x | |||
| $420M | $208M | 36.9x | 30.9x | 74.4x | 64.3x | |||
| $27B | $5.3B | 1.6x | 1.5x | 8.0x | 7.9x | |||
| $2.1B | $287M | 7.5x | 6.4x | 55.6x | 43.6x | |||
| $14B | $648M | 1.2x | 1.0x | 27.1x | 22.6x | |||
| $4.6B | $591M | 2.8x | 2.6x | 21.6x | 20.8x | |||
| $5.4B | $853M | 3.6x | 3.2x | 22.6x | 13.8x | |||
| $26B | $900M | 0.6x | 0.5x | 16.5x | 14.4x | |||
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Common questions about Bitmain
| When was Bitmain founded? | Bitmain was founded in 2013. |
| Where is Bitmain headquartered? | Bitmain is headquartered in Beijing, China. |
| Is Bitmain publicly listed? | No, Bitmain is a private, VC-backed company. |
| What is Bitmain's valuation? | Bitmain was last valued at $15B in its Series B in August 2018. |
| How much funding has Bitmain raised? | Bitmain has raised $765M across 3 funding rounds. |
| What was Bitmain's last funding round? | Bitmain's last funding round was a $422M Series B in August 2018, led by Crimson Ventures. |
| Who are Bitmain's investors? | Bitmain's investors include HSG, Temasek, Crimson Ventures, IDG Capital, Jumbo Sheen Group, Newegg, Norís Capital, Evernew Capital, CAS Investment Management, Mindfulness Capital and 4 others. |
| What is Bitmain's revenue? | Bitmain's latest recorded revenue is $2.8B (August 2018). |
| What is Bitmain's revenue multiple? | Bitmain's latest valuation implies a 5.4x revenue multiple ($15B valuation on $2.8B of revenue). |
| Which companies are comparable to Bitmain? | Companies comparable to Bitmain include IREN, Hut 8, TeraWulf, Riot Platforms, CrytocoinMiner and Layer1. |
| How many companies has Bitmain acquired? | Bitmain has acquired 1 company, including BlockTrail. |
| How many companies has Bitmain invested in? | Bitmain has invested in 24 companies, including Ava Labs, SAI.TECH, NuCypher, Liquid Global, 1000video, KEENSENSE, TribeOs and PopulStay. |
| What was Bitmain's last investment? | In June 2020, Bitmain invested in Ava Labs' $12M ico round alongside Galaxy Digital, Dragonfly, Initialized Capital and 5 other investors. |
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