Canaan, the second biggest BTC mining hardware maker, is reportedly considering an IPO in the New York after shelving its Hong Kong IPO plans in late 2018.
Canaan Eyes US IPO
Citing sources familiar to the matter, Bloomberg that the second largest Chinese manufacturer of BTC mining hardware, Canaan, is looking into the possibility of an IPO in New York.
However, the sources which have asked not to be named, also revealed that “deliberations are at an early stage, and there’s no certainty they will lead to a transaction.”
The company’s co-chairman Jianping Kong has declined to comment on the matter.
Canaan is amongst the major players in the BTC mining hardware manufacturing industry, selling its products under the “Avalon” brand. It reported revenue of $191 million in 2017, despite fierce competition in the field.
Hong Kong IPO Plans Shelved
The rumors of Canaan’s US IPO listing come amid times of uncertainty in the BTC mining sector. The company has to obtain an IPO listing at the Chinese New Third Board market but failed.
Canaan also allowed its $400 million Hong Kong to lapse back in November 2018.
Meanwhile, it’s not the only BTC mining company whose IPO plans have taken a beating.
Bitcoinist on leaked records indicating that industry-leading Bitmain may have experienced its worst quarter at the end of 2018.
The company lost $740 Million including losses on inventory and BTC cash! And this is not accounting for hash war costs!
If that’s true, Bitmain’s plans for a $14 billion IPO now seem uncertain at best, particularly if the cryptocurrency bear market is prolonged.
What do you think of Canaan’s reported intentions for US IPO listing? Don’t hesitate to let us know in the comments below!
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Published at Wed, 09 Jan 2019 12:00:05 +0000
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