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Temasek Rebuffs Media Speculation of Bitmain IPO Involvement

September 04, 2018 07:54:09

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Singapore's state-owned investment company Temasek has officially denied involvement in the upcoming initial public offering (IPO) of Chinese cryptocurrency mining giant Bitmain.

“We've seen commentary about an IPO involving a cryptocurrency company, Bitmain. Temasek is not an investor in Bitmain, and has never had discussions with, or an investment in Bitmain. News reports about our involvement in their IPO are false,” the company said in a statement last week.

Bitmain is set to file for an IPO with the Hong Kong Stock Exchange this month, with a listing expected at the end of the year, or at the beginning of 2019. The stock market flotation is set to raise as much as $18 billion, making it the largest crypto-related IPO to date.

News surfaced last month that the success of Bitmain pre-IPO financing round is in the hands of Temasek. The media reports suggested that the Singaporean firm is one of the key investors in the crypto miner, having allegedly committed to pour some $560 million in the pre-IPO fundraising.

The speculation was partly debunked by Jihan Wu, the founder and CEO of Bitmain. He denied rumours that he had to personally convince Temasek to make a decision on the pre-IPO round of financing.

“Even if I needed to contact Temasek, I guess I would have used Wechat or something. Oversea phone call’s quality is very bad. I don’t have the convenience to comment most of the news related with Bitmain, but they are mostly as fake as this,” Wu said in a tweet last month.

Temasek’s recent statement denying all links to Bitmain’s IPO followed a similar stance by another supposed investor in the pre-IPO round – Japanese telecom giant SoftBank, whose representative recently said that the rumors were “background talk” not worth mentioning.

The rumors about Temasek’s and SoftBank’s investments originated from WeChat through accounts not related to the firms or their founders. Bitmain, which has not officially revealed the names of its pre-IPO investors, has so far failed to clarify the issue and respond to allegations that is intentionally involving big-name investors as backers for its pre-IPO round to further strengthen Bitmain’s financial position.

Bitmain reportedly recorded a net profit of more than $1 billion in the first quarter of 2018. In annual terms, the net profit is estimated to reach from $2 to $3 billion, Forbes magazine reported in July, quoting a source close to the company.

Category: News

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