Bitmain Opens 20,000 Square Foot Office in Silicon Valley

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The cryptocurrency industries largest crypto mining company, Bitmain, just opened their new office in Silicon Valley ahead of its planned Initial Public Offering (IPO) later in the year.

According to the Silicon Valley Business Journal, the China based cryptocurrency mining hardware manufacturer moved into a 20,000 square foot office space in downtown San Jose California. The company filled the last vacancy of the city’s Riverpark Towers office building, which is known to be the hub of tech startups like Cohesity, Okta, and WeWork.

The expansion of Bitmain’s company is not surprising after the firm was recently valued at over $12 billion following the end of last month’s $400 million funding round. This makes it the most valuable cryptocurrency company in the world as well as the most valuable privately held tech startup.

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Cryptocurrency companies have centered themselves around the same geographic locations as other tech industries. This recent move will better position Bitmain to expand and manage its digital empire. The company has been targeting expansion into the United States and Canada due to the industry’s uncertain future in China. The company has currently opened mining centers in both Washington state and Québec , Canada.

Bitmain has started investing in other tech startups, so it’s moved to Silicon Valley would naturally benefit its investment capital arm of the company.

The crypto mining company recently led a $110 million funding round for well renowned cryptocurrency trading desk, exchange, and investing app Circle.  Bitmain has also announced that they plan on creating a USD pegged stablecoin in the near future.

Recently, Bitmain invested $50 million in the Opera web browser, which allowed it a controlling stake in the company. Shortly after the investment, the company announced that it would integrate an Ethereum wallet into their web browser.

Just this week, Bitmain also funded a round for the launch startup Block.one (creator of EOS cryptocurrency), alongside PayPal cofounder Peter Theil. The investment capital size was not announced publicly.

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