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

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!