Bitcoin Mining Hardware Manufacturer Canaan Files for IPO in U.S. To Raise $200 Million

Cryptocurrency mining hardware manufacturer Canaan, one of the three mining hardware giants in China, has reportedly confidentially filed for an initial public offering in the U.S. to raise $200 million.

According to an IPO-focused blog on the popular WeChat messaging platform, first spotted by TheBlock, the firm confidentially submitted its application with the U.S. Securities and Exchange Commission (SEC). Companies of all sizes have been allowed to file for IPOs “secretly” in the country for over a decade, as a way to encourage more companies to go public.

Earlier this year Bloomberg reported Canaan was weighing an IPO in New York, noting the process was still in its early stages at the time. The company’s shareholders also reportedly looked into listing the company on the recently-formed Science and Technology (Sci-Tech) Innovation Board within the Shanghai Stock Exchange.

The company, last year, tried to go public in Hong Kong through an IPO that would see it try to raise $1 billion. The plan ended up being abandoned and its application lapsed in November. Its rival cryptocurrency mining hardware manufacturer, Bitmain and Ebang, also tried to go public in Hong Kong but failed.

Bitmain, the leading mining manufacturer, is said to also be considering an IPO in the U.S. Canaan is well-known for being behind the Avalon miner range, and also for launching the “world’s first” bitcoin mining television set. The set is said to include a voice control feature and be powered by artificial intelligence.