Bitmain IPO Announcement Skyrockets Bitcoin Cash

“An initial public offering, or IPO, is the very first sale of stock issued by a company to the public. Prior to an IPO the company is considered private, with a relatively small number of shareholders made up primarily of early investors (such as the founders, their families and friends) and professional investors (such as venture capitalists or angel investors). The public, on the other hand, consists of everybody else – any individual or institutional investor who wasn’t involved in the early days of the company and who is interested in buying shares of the company. Until a company’s stock is offered for sale to the public, the public is unable to invest in it.”

“The key driver behind the rise of BCH was the financial report released by Bitmain as part of the prospectus for its upcoming IPO. The crypto mining equipment maker unveiled significantly stronger results for the first half of 2018 compared to the same period of 2017, booking $742.7 million in profits on revenues of $2.8 billion. The chief source of income for Bitmain were Bitcoin mining rigs, which accounted for $1.9 billion of revenues, with the rest coming from sales of other types of mining equipment.”