The date of the Canaan IPO has been confirmed
Mining

The date of the Canaan IPO has been confirmed

By Alfredo de Candia - 12 Nov 2019

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Rumours from insiders have indicated that the date of the famous IPO (Initial Public Offering) of the Chinese mining company, Canaan, is scheduled for November 20th.

Canaan Creative, as mentioned, is a company that produces computer hardware and was founded in 2013 by Zhang who, over time, has decided to specialise in the production of solutions for bitcoin mining.

The IPO, a public offering of securities of a company that intends to be listed on a regulated market, was presented last October 28th at the SEC and will be listed on the Nasdaq under the name of CAN.

Through this IPO, Canaan could collect as much as 1 billion dollars on American soil.

The value of bitcoin has fallen considerably compared to the values it recorded at the end of 2017, so it was more profitable for miners in the past to devote themselves to this activity, with many choosing to invest in this sector.

Now, however, the price per unit of BTC has fallen considerably and therefore there are not many who are focusing on mining machines, also because in the long term, with the halving of the block reward, if the price of the asset does not increase, the corresponding mining hardware, sold by companies that produce it, will have difficulty in gaining momentum, which could mark the bankruptcy of several companies operating in the sector, including Bitmain, which now accounts for about 64% of the sector.

Some time ago also Bitmain planned to launch its own IPO, but now it seems that it has stopped this initiative, given that the Hong Kong Stock Exchange would have decided not to approve the request.

For the moment there is not much information about the IPO, but rumours are that it was sponsored by Deutsche Bank in order to reach the US territory.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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