Market Overview

Canaan, Maker Of Bitcoin Mining Tech, Files For IPO

Canaan, Maker Of Bitcoin Mining Tech, Files For IPO

The world’s second largest producer of bitcoin mining hardware could soon become the first cryptocurrency company to hit the public markets in Hong Kong.

China’s Canaan Inc. applied Tuesday to trade on the Hong Kong stock exchange backed by Morgan Stanley, Deutsche Bank, Credit Suisse and CMB International Capital Ltd.

Canaan’s preliminary prospectus did not disclose how much management intends to raise, but Bloomberg reported the IPO could yield about $1 billion.

Why It’s Important

The IPO provides investors uniquely direct exposure to digital coins, which in many markets can only be played through companies more distantly connected to blockchain.

It also subjects Canaan to scrutiny under stringent financial regulatory standards and lends credence to the industry’s operations and pursuits.

Bitcoin Investment Trust (OTC: GBTC) was largely unaffected by the news.

What’s Next

Canaan aims to trade as early as July, according to Bloomberg.

Related Links:

Today In Cryptocurrency: CoinDesk Consensus Highlights, Amazon Blockchain Partnership

Alex Mashinsky: The Largest Blockchain Companies Will One Day Be Larger Than Apple, Google


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