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BTCKING555 Profile picture
@btcking555
Sep 10, 2018 • 5 tweets • 2 min read • Read on X
Bitmain Story 1: Realizing that financials and numbers collapsing, Jihan rushes a $260 mln deal in June (not $400 mln as reported) primarily driven by @Sequoia. The deal was done with limited DD and off Q1 numbers. Neil Shen - Sequoia partner is duped into believing all good
Bitmain Story 2. As numbers continue to further collapse, Jihan rushes even more to put together a quick $1 bln pre-IPO round hoping to close before he discloses catastrophic Q2 numbers. CFO hwr makes mistake of putting 60 days vs 90!
Bitmain Story 3: With 60 days elapsing since end of Q2 Bitmain now has to disclose its disaster Q2 numbers. Pre-IPO round is crumbling with investors asking moneys back or significant discount to $14 bln valuation Jihan on calls with investors but reputation tarnished #bitmainipo
Bitmain Story 4: Investors pissed that deteriorating numbers not disclosed and that no big names invested (it was all rumours spread by Bitmain to FOMO!) No Softbank! No Tencent! No DST! No GIC! No Temasek! #BitmainIPO
Bitmain Story 5: insider says contracts are made according to Hong Kong Law and several investors already looking to potentially bring lawsuits for material omission by CEO, CFO and @KPMG @HKEXGroup #bitmainipo MEANWHILE LETS SEE Q2 NUMBERS !

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More from @btcking555

BTCKING555 Profile picture
Sep 29, 2018
Top 10 things one should know about #bitmainipo: 1) as told weeks ago Bitmaim lied about the investors to create FOMO - No Tencent, No Softbank, No DST, No Temasek and No GIC 2) Latest FOMO round failed to get target $1 bln. Got only $440 mln and $120 mln cash was not wired
3) investors pissed that Jihan and team misrepresented numbers. its clear now Bitmain nowhere near FOMO numbers of revenue $10 bln and net profit $3 bln 4) Q2 was disaster woth Net Loss of $400 mln and Net Loss of $800 mln if you take into account BCH Losses
5) Q3 numbers will be even more disaster as S9 prices further fell over 60 percent. Target for Revenue is $450 mon and Net Losses of $700-$800 mln range. 6) That meanda Q1-Q3 Bitmain Net Profit is NEGATIVE $500 MLN (!) 7) Bitmain will be doing initial roadshow in 2-3 weeks
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