Crypto Mining Giant Bitmain To Invest $50M USD In Opera Browser’s IPObr>
Chinese crypto mining hardware manufacturer Bitmain is reportedly planning to invest $50 million in the initial public offering (IPO) of Opera Ltd, the makers of Opera browser, after raising between $300 million to $400 million in its Series B funding round.
According to Reuters, Opera filed an IPO request with the US Securities and Exchange Commission (SEC) on June 29, and expects to raise $115 million. The company will reportedly be selling $50 million in shares to Bitmain and $10 million portions to another two buyers. The proceeds from the IPO will be used to increase brand awareness across all markets, as well as research and development (R&D) to “continue to strengthen our AI-driven content discovery.”
The Opera web browser, first released on Microsoft Windows in 1996, operates on the systems of Apple, Windows and Linux. The parent company of the software, Opera Software AS, was purchased in 2016 by a Chinese consortium called Golden Brick Capital Private Equity Fund for $600 million.
Bitmain holds one of the most significant market shares in crypto mining equipment, with estimated profits for 2017 between $3 and $4 billion. It also operates one of the largest bitcoin mining pools, Antpool. In September 2017, the company received $50 million in a Series A funding round from Sequoia Capital and IDG Capital. The latest Series B funding round values Bitmain at approximately $12 billion.
Bitmain is currently conducting a pre-IPO funding round and could go public on the Hong Kong Stock Exchange in the future. Last month, Bitmain CEO Jihan Wu said that an IPO in the region would be a suitable means for allowing early investors to cash in their funds.