Bitmain Spin-off Plans to Triple to $300 Million Via New Funding Round

Matrixport is looking to raise $40 million in a funding round, and it has already pitched the upcoming round to different investors in recent weeks, according to a Bloomberg report, citing people familiar with the matter.

Following a slide deck shared with the investors, which has reportedly been viewed by Bloomberg, the crypto startup gained about $7 million to $8 million in revenue as of last year, and it hopes to take in more than double this year.

Matrixport Triples Value to $300 Million

In a previous round, Matrixport was valued at about $114 million, as per the deck. The post-investment valuation of the cryptocurrency firm is expected to be $300 million, according to the unnamed sources/people.

Startups in the cryptocurrency Industry are all riding somewhat of a resurgence together with the modest recovery in the price of Bitcoin (BTC). Launched in July, the startup in question, Matrixport aims at becoming a one-stop platform for custody, over-the-counter (OTC) trading, and lending for digital assets.

Matrixport is reportedly among the few companies that are working to establish financial services for both professional crypto investors and traders. The company had to spin-off from Bitmain in 2019, as the biggest Bitcoin mining rigs maker went into a cash crunch.

Meanwhile, Wu and Bitmain are among the major shareholders in the startup. A Matrixport spokeswoman disclosed in the report without elaborating that the crypto company is in touch with U.S.-dollar investors.

Bitmain New Release

On February 28, Bitmain released two new Antminer models under the S19 series that can process within the range of 95 to 110 TH/s. The latest release is said to be 24 trillion hashes per second faster, when compared to the latest model from Microbt, a competitor to Bitmain.