Bitcoin mining, crypto mining, Canaan, China
Canaan is reportedly filing for a massive IPO in the United States. | Source: Shutterstock

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.

Snubbed by HKEX, Canaan tries Uncle Sam

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.

Bitcoin mining firms lower ambitions

And just like Canaan Creative, Bitmain has also reportedly lowered its fundraising target. In the failed Hong Kong IPO bid, Bitmain had been seeking to raise up to $3 billion. The world’s largest maker of Bitcoin mining hardware is now aiming to raise between $300 million to $500 million.

Bitcoin Mining
Major Chinese tech firms listed in the U.S.. | Source: US-China Economic and Security Review Commission

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 includes online retailer Alibaba, online search engine Baidu, social network Weibo and e-commerce platform

You May Also Like

Ethereum’s Vitalik Buterin to Sign ‘Free Virgil Griffith’ Petition Following FBI Arrest

Ethereum co-founder Vitalik Buterin is signing a petition to free estranged Virgil Griffith who was arrested by the FBI on thanksgiving.

Analyst Explains Why Bitcoin Price Could Plummet to $2,020 in 2020

An analyst says bitcoin could crash to $2,000 to $3,000 range as…

VeChain (VET) Jumps a Whooping 26%, Thanks to an Iconic Retro Game Remake

Contrary to the rest of the crypto market VeChain (VET) is up 26% today and showing no signs of slowing down, but what’s driving the token?

Bitcoin Price Suffered 31% November Slump But a Hostile China Boosts Outlook

Bitcoin price dropped by 31% since October. Yet, Spencer Bogart sees strengthening fundamentals pushing BTC up in the medium-term.

Limited Edition Bitcoin Watch Beckons Mt. Gox Remnants

A limited edition bitcoin watch with a widely known Mt. Gox wallet was spotted in Abu Dhabi. Is the royal family linked to the scandal?

Analyst Dispels the Myth: Bakkt Futures are Not Backed by Bitcoin

Bakkt’s arrival was supposed to be bullish for bitcoin. With growing volume, the demand has not translated into bitcoin prices. Here’s why.