Sequoia Capital China has reportedly led a US$400 million pre-IPO round in Bitmain Technologies, China Money Network reported citing Chinese media sources.

Founded in 2013, Bitmain is leading bitcoin miner and mining chip designer, headquartered in Beijing, and offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen. The company recently led a $110 million series E round in blockchain-based payments startup Circle.

Bitcoin Magazine last week reported that the company is considering an Initial Public Offering (IPO). Founder Jihan Wu said that he is looking at the possibilities of a listing in Hong Kong or “an overseas market with U.S. dollar-denominated shares,” which would give early investors the chance to cash out.

According to local media outlets, Bitmain is targeting September to apply for the IPO in Hong Kong and expects to go public with market capitalization between $30 billion to $40 billion by the end of this year. Wu currently values the company at just under $12 billion.

In an interview with Chinese media, Wu revealed plans to expand Bitcoin mining machines in the next few years. Bitmain also plans to release artificial intelligent chips.

Last month, China-based bitcoin mining hardware maker Canaan submitted its application for $1 billion IPO to the Hong Kong stock exchange, according to Bloomberg.