Canaan is one of the most famous manufacturers of bitcoin mining ASICs, second only to the giant Bitmain. In the same way as Bitmain, the company would like to launch its own IPO in order to increase the capital available to the company.
It seems that Canaan has already requested and completed all the necessary procedures to carry out the IPO in the USA, even though no public announcement has been made yet. According to some rumours from Chinese sources very close to the company, the ASIC producer plans to raise $200 million through the public IPO.
After Bitmain also Canaan attempts an IPO
In January 2019, a report published by Bloomberg indicated that Canaan was planning to carry out an IPO during the year in New York. Of course, this was preliminary information, since at the time the company had only just begun to initiate all the necessary procedures.
Similar to Bitmain‘s attempt, in March 2018 Canaan had already tried to launch an IPO in Hong Kong to raise a billion dollars. However, this IPO was never carried out, since six months later, more precisely in November 2018, the Hong Kong Stock Exchange declined the IPO request made by Canaan.
In some ways, the story is very reminiscent of what happened to Bitmain. The company also made a request for an IPO with the Hong Kong Stock Exchange in September 2018, but the proposal was rejected in March 2019, which is why the company decided to rely on the USA to launch a new IPO in the future.
Over the years, Canaan has become famous for its Avalon Miner series of bitcoin ASICs, which are characterised by good performance at competitive prices, but above all by a quality of construction that is considered by many to be far superior to the products of the much more famous Bitmain.
If everything goes well, the company should launch its IPO through the new Science and Technology (Sci-Tech) Innovation Board in collaboration with the Shanghai Stock Exchange, which in turn is a partner of the New York Stock Exchange and NASDAQ.
All that remains, therefore, is to wait for an official communication from the company