Ladies and gentlemen.
Bitmain seems to have run out of cash reserves as they spent all their money on BCash. They spent 70% of there operating cashflow from 2016 to q1 2018 on BCash. They have $880m of bcash on the balance sheet and only $100m of USD
As a result they are desperate to be bailed out. They are raising money pre IPO and will then do an IPO
@MrHodl I respectfully disagree- it is every VC-backed venture’s dream to IPO. It is not out of desperation. In fact, only the most successful companies ever get this chance. BCH is a very small part of Bitmain ($500m of a $18b company). BCH, in my estimation, was a bad bet for Bitmain. But the fact remains that they are enormously successful ($1b in profits in Q1 2018 alone).
@Dennis the important point is they didn't just buy loads of Bcash, but they spent most of their money on it so now dont have enough USD to run their business
@Dennis The problem is Bitmain is the largest company in a very hot space, big money from the likes of softbank and tencent love investing in the number one player. Bitcoin could raise many billions of usd and be totally bailed out for their mistake. Exposing this should be our top priority
@MrHodl I’m open minded, can you link to or provide reasoning for how they “don’t have enough money to run their business”? Jimmy Song said they are the “most profitable company in Bitcoin” https://medium.com/@jimmysong/just-how-profitable-is-bitmain-a9df82c761a
@MrHodl they made $1b profit just in Q1 2018. That’s more recent than the leaked ppt making the rounds.
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