Big Investors Deny Involvement In Crypto Miner Bitmain’s Pre-IPO Funding

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Tencent Holdings and SoftBank Group are equally disputing their participation in a popular pre IPO investment round for Chinese cryptocurrency mining giant Bitmain. Reports on the firms participation in the funding campaign first surfaced among the Chinese media early August. Right after, several outlets including CoinDesk, TechCrunch along with other media programs mentioned the reports in follow-up articles on the mining giant’s anticipated multi billion dollar initial public offering in Hong Kong. However, both Tencent and Softbank have confirmed to CoinDesk which they’ve no connection to the investment deal. A spokesperson for Tencent told CoinDesk through e-mail on Thursday that the Hong Kong listed company isn’t involved with This investment, when presented with different on-line reports asserting they were.

The news isn’t true, they added. In the same way, fiscal giant SoftBank suggested that it, too, had no connection to the Bitmain round. Neither the SoftBank Group Corp. Nor the SoftBank Vision Fund were at all involved with the deal, a spokesman for SoftBank composed in an e-mail response last week. Asked about a previous or following investment interest in the mining giant, the SoftBank representative further responded with nothing so far. In the mean time, another firm reported to have participated – China International Capital Corporation, an investment and securities brokerage company listed in Hong Kong with headquarters at Beijing – didn’t deny the news after CoinDesk sent several inquiries about the problem, finally telling us on Monday it’s no comment on the problem.” .

Based on different Chinese reports that covered the deal, the original source of the claims appears to have come from an IPO focused site on the WeChat messaging platform, employing an official account named IPO Zao Zhi Dao.” . The owner, called Uncle Con WeChat, initially published a report on July 23 stating its exclusive sources showed several potential investors that were planning to take part in the Bitmain funding. The article listed major names like Tencent, GIC, the Abu Dhabi Investment Authority along with also a Canadian pension fund. Tencent said at that time it’d no comment on the accounts after the article got widely cited across the Chinese media.

However on August 4, the same blog published a follow-up article that again claimed the exclusive that Bitmain had officially closed its pre IPO round with $1 billion, valuing the firm at $15 billion, article deal. Additionally, Tencent, Softbank and CICC were reported as participating. The blogger refused to disclose sources when CoinDesk reached out for information. Ada Hui contributed coverage. Locked money jar image via Shutterstock. The leader in blockchain news, CoinDesk is a media outlet that strives for the greatest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Sources:
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