Chinese Bitcoin Mining Firm Canaan Is Rumored To Have Filed For IPO In The US: IFRAsia Findings

A major Bitcoin (BTC) miner manufacturer from China called Canaan Creative is rumored to have just filed for an Initial Public Offering (IPO) in the United States. According to IFRAsia, some inside sources have claimed that the Chinese company wants to be listed on the U. S. and has the goal of acquiring $200 million USD this way.

Canaan makes the Avalon miner, one of the most popular products of the market. Last year, the company tried to go public on the Hong Kong Stock Exchange, but its filing was denied at the time after several delays.

This week, IFRAsia reported that several rumors appeared on the local social media platform WeChat claiming that the company has already talked with the U. S. Securities and Exchange Commission (SEC) in order to start the IPO. If the company is successful, it would be the first Chinese company to ever have an IPO in the U. S.

At the time of this report, Canaan has declined all comments and has not touched on this matter officially. It is hard to know if the rumor is true, but Bloomberg reported back in January that the company was looking to launch its own IPO in New York and that the process was in early stages then.

Recent reports also indicated that the company was interested in creating its own IPO on the Shanghai Stock Exchange’s new Science and Technology board, but these rumors are also unconfirmed.

Bitmain, another giant of the crypto mining market, was also reported to consider the idea of launching its own IPO in the U. S. this year. Bitmain was another company that unsuccessfully tried to have its own IPO in the country last year.

Most of these mining companies ended up failing in their bids to go public because of the unstable bear market last year. Despite having great results in 2017, most of them had very shaky performances in 2018 and faced issues as the price of Bitcoin crashed. Will they have more success in the U. S.?

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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