Bitmain, the cryptocurrency industry’s most valuable company, has just opened an office in Silicon Valley ahead of its planned initial public offering (IPO) later this year.
The Silicon Valley Business Journal reports that the China-based cryptocurrency mining hardware manufacturer has just moved into 20,000 square feet of office space in downtown San Jose, CA, filling the last vacancy in the city’s Riverpark Towers office building, which has become a hub for tech startups including Okta, Cohesity, and WeWork.
Bitmain’s expansion into Silicon Valley is not entirely surprising. The firm is now valued at $12 billion following the conclusion of last month’s $400 million funding round, making it not only the most valuable cryptocurrency company but also one of the world’s most valuable privately-held tech startups. According to reports, the firm believes it could achieve a valuation as high as $40 billion after going public in the near future.
And though decentralization may be the mantra of the cryptocurrency ecosystem, companies in the industry have still tended to center themselves around the same geographic locations as the wider tech industry.