BTC Mining Gear Manufacturer Canaan Plans to Run IPO in USA Confidentially

A Chinese-based BTC miner maker Canaan Creative has allegedly filed an application for an IPO in the USA and did that confidentially

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As per IFRAsia, the Bitcoin miner maker Canaan, headquartered in Hangzhou, China, plans to run an IPO in the US and raise $200 mln. The preparatory documentation necessary for an IPO has been filed confidentially.

Rejected plan for a Hong Kong public offering

This winter, Bloomberg wrote that the mining firm in question was going to conduct an offering in New York. Canaan produces Avalon miners, which are very popular with the crypto community. Last year, in spring, it was going for an IPO in Hong Kong, hoping to attract $1 bln.

However, the local stock exchange refused to approve and the company had to back off.

In spring this year, Canaan started negotiating an IPO in Shanghai and New York at the same time.

Since 2017, businesses have been allowed to file for IPOs confidentially and should submit the necessary documentation three months prior to when the public offering starts.

Previously, media reported that the mining giant Bitmain had followed the same way – after failing to conduct an IPO in Hong Kong, it began organizing a public offering in the US to be conducted this summer.

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Bitmain reseller in trouble with Russian authorities

Earlier on Wednesday, CryptoComes reported that one of Bitmain mining equipment importers in Russia got in trouble with the Russian Federal Customs Service. 

The authority has started an investigation over the fact that the Bitmain reseller faked custom documentation to avoid paying substantial fees for importing mining gear to Russia.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.