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The co-CEO of Bitmain, Jihan Wu, is intensely considering and looking into ways of piloting an initial private offering (IPO) in overseas countries.

The news of the biggest mining hardware manufacturer on the market showing interest in an initial private offering has been presented in a report on The Fortune.

An IPO is similar to an ICO (initial coin offering), but instead of offering tokens, the company puts up for sale shares of its business, either in a public or private sale.

It was already reported by Bloomberg last month that Wu was “open” to direct an IPO in a market with denominated shared in the US dollar such as Hong Kong, seeing as this will enable early contributors to liquidize their funds.

Fortune wrote in their report that their daily newsletter “Term Sheet” got hold of an email from a source that knew details regarding the events, stating that the firm’s new funds right before the IPO, which would be declared “very soon” in such a foreign market.

According to numbers presented in the email, Bitmain made nearly $1 billion in net profit in 2018’s first quarter and raked in almost $2 to $3 billion for the entire year.

The email states that Bitmain intends on raising nearly $14 billion for a total valuation, a sum which is almost 17% more than the $12 billion that was reportedly made after a Series B June funding round. Bitmain also had a $1.2 billion in net profit and almost a 50% net margin last year, according to an audit by the KPMG firm.

Bitmain managed to bring in between $300 and $400 million from Sequoia Capital subsidiary Sequoia China, U.S. hedge fund Coatue, and Singaporean governmental investment fund EDBI in last month’s funding round. The mining giant had previously received $50 million from Sequoia Capital and IDG Capital in a Series A funding round in September 2017.

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