Chinese Bitcoin Mining Giant Files For $200 Million US IPO

The Chinese maker of Bitcoin mining hardware Canaan Creative is allegedly seeking to go public in the U.S. Per a report which appeared on a Chinese social media platform, Canaan has already filed the application documents with the Securities and Exchange Commission. The cryptocurrency mining rigs maker is seeking to raise approximately $200 million from the IPO.

This comes more than a year after the mining hardware firm filed an IPO application on the Hong Kong stock exchange. The Bitcoin mining device maker, however, let the application lapse after six months. At the time Canaan was seeking to raise $400 million and this was way lower than had been touted in early 2018, per the South China Morning Post.

Canaan’s rival in the Bitcoin mining space, Bitmain, also attempted to list on HKEX, Hong Kong’ stock exchange last year to no avail. It is not clear which firm is following the other’s playbook though. Last month Bloomberg had reported that Bitmain was preparing for a U.S. public listing.

At the time, the business publication reported that Bitmain had already recruited advisers to work on the IPO application. Bitmain, which is also based in China, had been aiming to file the listing documents with the SEC as soon as July.

Reference: https://www.ccn.com/news/chinese-bitcoin-mining-giant-canaan-200-million-us-ipo-report/2019/07/31/

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