Bitcoin mining giant Canaan Creative 'secretly' files IPO in the US: Report

Chinese bitcoin mining giant Canaan Creative has reportedly filed an application for an initial public offering (IPO) in the United States, according to an IPO-focused blog on WeChat.

As per the report by “IPO Zao Zhi Dao,” Canaan Creative “secretly” submitted the application with the U.S. Securities and Exchange Commission (SEC).

Although lesser known in the West, Canaan is the second-largest bitcoin mining hardware provider in the world. It sells Avalon-branded high-performance ASIC-based bitcoin mining machines, which are designed and manufactured by the firm itself.

Earlier this year, Canaan was reportedly considering an IPO in New York. However, the process was still in its infancy. In March, the company’s shareholders were also allegedly considering listing the company on the Science and Technology Innovation Board within the Shanghai Stock Exchange.

Last year, Canaan also sought to go public in Hong Kong to raise $1 billion. But the plan did not push through, and its Hong Kong Stock Exchange application lapsed in November.

Should this be true, then Canaan Creative becomes the first mining actor to file an IPO in the US, beating rivals Bitmain and Yibang International. Some crypto news outlets proclaimed that a “crypto IPO race” has begun after all three leading Chinese crypto firms previously attempted to file an IPO but failed.

As previously reported, Bitmain, the largest manufacturer of cryptocurrency mining chips in the world, is reportedly eyeing to proceed with a public offer with a plan to launch as soon as the latter half of 2019.