$200 Million US IPO Filed By Chinese Mining Giant

The Chinese creator of the Bitcoin mining hardware, Canaan creative has reportedly been looking to go public in the United States. According to a report posted on WeChat, Canaan has already filed the application documents with the Securities and Exchange Commission. The crypto mining rigs designer is seeking to raise approximately $200 million from the IPO (initial public offering).

This comes a year after the mining hardware firm filed an IPO application on the stock exchange in Hong Kong. The Beijing-based firm allowed the application to lapse after six months. The firm was looking to raise $400 million and this was significantly lower than had been touted in early last year. 

Bitmain, a key competitor to Canaan has also tried to get a listing on the Hong Kong exchange but was not successful in doing so. It seems like the two are almost copying each other at this point, but it isn’t clear who is taking a leaf out of whose book.

Near the end of June, a report stated that Bitmain was preparing for a US public listing.

At the time, the business publication reported that Bitmain had already brought people on board to work on the IPO application but the mining firm is aiming to get a file listed with the SEC as soon as possible.

In a similar sense to Canaan Creative, Bitmain has allegedly lowered its fundraising target. In the failed Hong Kong IPO bid, Bitmain was looking for $3 billion to be raised but now is looking for up to $500 million.

As reported by CCN, “If Canaan and Bitmain succeed in IPOing in the U.S., they will join other tech giants from their home country who have successfully listed in the world’s largest economy.”

This will also include the online retailer Alibaba and the online search engine Baidu.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!