Canaan, Bitcoin Mining Chip Developer Is Considering IPO In The U.S.

by | Jan 9, 2019 | Bitcoin, Cryptocurrency, Cryptocurrency News, Mining

Bitcoin | Bitcoin mining | Canaan | IPO | U.S.

China’s second-biggest manufacturer of Bitcoin mining hardware, Canaan Inc., considers listing IPO in the U.S. after discarding its plans to list in Hong Kong, according to people with knowledge of the matter.

The company initially intended to raise about $1 billion and now is pondering about the probability of selling shares in New York by the first half of the year. According to people, who asked not to be identified because the information is private, added that this is an early stage of deliberations and there’s no certainty they will lead to a transaction.

The previous IPO listing of Canaan lapsed in November. According to data compiled by Bloomberg, any deal would add to the $9.1 billion that Chinese companies have raised through U.S. IPOs over the past year. Canaan’s co-chairman Jianping Kong declined to comment on the matter.

Bitcoin mining woes 

In 2018, Bitcoin fell about 80% from its December 2017 perch, making mining the token lesser and lesser profitable. In addition, the fall further hindered stock-market investors to enter the space. As a result, Hong Kong observed listings ranging from the largest maker of specialized mining chips for the industry, Bitmain Technologies Holding Co. and smaller rival Ebang International Holdings Inc.

Canaan was found in 2013. The Beijing-based company sells computer equipment under the “Avalon” brand with fast customized chips that win digital coins by solving complex math problems. According to a Hong Kong exchange filing in May, it reported 1.31 billion yuan ($191 million) of revenue in 2017. Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG, and CMB International Capital Ltd. were joint sponsors of Canaan’s proposed Hong Kong listing, the filing shows.

Read more: UK’s Coinfloor To Launch Physical Bitcoin Futures To Compete With Bakkt

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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