Bitcoin Mining Manufacturer Canaan Files for IPO in US Worth $200 Million

Canaan

As per a report, Canaan Creative, the major Bitcoin miner manufacturer, is supposed to have confidentially filed for an IPO in the US.

As Bitcoin has grown into one of the biggest cryptocurrencies in the world, a range of industries have cropped up that are seeking to provide services that will help create a more robust ecosystem, and most of them are bearing fruit.

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For instance, new crypto exchanges are cropping up every other day, and it has become an industry in itself. However, not much has yet been talked about the wide range of companies that are solely involved in the mining of Bitcoins, and one of the companies that has made a name for itself in this space is Canaan Creative.

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It has now emerged that the company is all set to be the first Bitcoin mining company to have its own initial public offering in the United States. It goes without saying this is a significant development for the Bitcoin mining industry at large. It is interesting to note that Canaan had planned to have an IPO in Hong Kong back in 2018 but eventually pulled out. The reason for this probably lies with the state of the crypto market last year. However, 2019 has been a superb year for Bitcoin, and in the first half of the year, the token went on a massive bull run that threatened to replicate the one it had back at the end of 2017.

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Canaan is a Chinese company that is involved in the manufacturing of crypto mining hardware, and in its filing, the company stated that the size of the IPO is going to be $200 million. That being said, the United States Securities and Exchange Commission is going to examine the company’s mining rigs before it allows the listing to take place. This is, without a doubt, another example of the sort of impact that Bitcoin has had on the markets in general, and it is believed that its influence is going to expand in the future.

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