SoftBank Denies Reports of Bitmain Deal; Bitmain Still Silent

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Japanese telecom giant SoftBank has denied press reports of its participation at a pre IPO financing round of bitcoin mining rig maker Bitmain.a week ago, several media outlets had reported that SoftBank and Chinese internet giant Tencent were leading a pre IPO funding around for Bitmain. The new info comes to the heels of the report which shows Bitmain unloaded all its bitcoin to accumulate bitcoin cash .According to last week’s story, SoftBank and Tencent invested an undisclosed amount of cash from the world’s most valuable bitcoin mining rig maker, bring its valuation to about $15 billion a couple weeks before planning in Hong Kong IPO.

Originally published on the Chinese platform QQ on August 4, 2018, the story was quickly reproduced and reblogged around the globe, It claimed the financing round was made up of several investors such as China Gold, SoftBank and Tencent. Crypto news publication Cointelegraph reports, however, that following last week’s widely syndicated story, an anonymous source achieved with a tip stating that neither SoftBank nor Tencent were actually involved with the pre IPO financing around. Responding to Bitcoin Magazine’s petition for comments, Kenichi Yuasa of SoftBank’s corporate communication division known as the rumors background talk, not worth mentioning, saying: Neither the SoftBank Group Corp.

Nor the SoftBank Vision Fund were involved with the deal. SoftBank has been known for its interest in blockchain technology, with trialed a blockchain based, cross carrier telecom payment system in September 2017.10cent, for its part, is now counted as a truly global technology player, with has surpassed Facebook’s market capitalization in 2017. Investment from either of those behemoths wouldn’t only strengthen Bitmain’s fiscal position, but will also indicate to the market that they believe in their long-term growth potential. On the other hand, if the story was shared with the intent to deceive the current market, this could give credence to a growing number of listeners who believe that Bitmain isn’t inhabiting the fantastic market space it claims to be.

Blockstream Chief Strategy Officer Samson Mow is among In response, other voices around the crypto world these voices. In response, other voices around the crypto world published In response, other voices around the crypto world remark: Why is Bitmain raising capital so fast & only showing Q1 results to pre IPO investors? . We are well into Q3 now. In response, other voices around the crypto world. Bitmain is sitting on an enormous $1.24 billion in inventory & S9 prices dropped by ~85 percent! Q2 losses range from the $600-700 millions. In response, other voices around the crypto world also have been speculating about Bitmain’s precise market position. Some opine it’s possible that Bitmain isn’t being completely upfront about its market position, in essence sitting on a broad inventory of unsold miners at a bear market and seeking to utilize request for comment from Bitcoin Magazine Tina Dang from Bitmain’s International PR and Communications Department said. Responding to your request for a comments from Bitcoin Magazine Tina Dang from Bitmain’s International PR and Communications Department said, Sadly, we’re Not Able to comment on these topics. Updates to follow as this story develops.


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