Mining

Bitcoin miner maker Canaan files for US IPO to raise $200 million – Report

July 31, 2019, 2:45AM EDT

Canaan Creative, one of the biggest manufacturers of bitcoin miners in China, has reportedly filed an application for an initial public offering (IPO) in the U.S.

The news was reported Wednesday by an IPO-focused blog on the WeChat messaging platform, using an official account named "IPO Zao Zhi Dao," saying that Canaan has "secretly" submitted the application with the U.S. Securities and Exchange Commission (SEC).

Earlier this year, there were reports that Canaan, manufacturer of the Avalon bitcoin miners, was considering an IPO in New York, although the process was still in its early stages at the time.

Recently, Canaan's shareholders were also reportedly considering listing the company on Science and Technology (Sci-Tech) Innovation Board within the Shanghai Stock Exchange. The firm had also filed an IPO application with the Hong Kong Stock Exchange, which lapsed in November.

Canaan's rivals, Bitmain and Ebang, have also attempted to go public in Hong Kong, but neither of them has received approval to this date.

Related Reading