Bitcoin miner Canaan Inc. secretly filed for IPO with SEC, report says

Translator: ElaineHu

Canaan Creative, a major Bitcoin miner, has reportedly filed confidentially for an IPO in the United States.

The Hangzhou, China-based company is seeking to raise $200 million through a U.S. listing, IFRAsia reported on Wednesday, citing “people familiar with the matter.”

A Bloomberg report in January also suggested that Canaan's IPO could take place in New York this year, although reports at the time said the process was still in its early stages.

Canaan Inc., the maker of the popular Avalon mining machine, publicly applied for an IPO in March last year and had previously sought to raise about $1 billion in a Hong Kong listing. However, the plan has been abandoned and the company's application to the Hong Kong Stock Exchange lapsed in November last year.

In March, it was reported that the company was considering an initial public offering (IPO) on the newly established science and technology innovation board within the Shanghai Stock Exchange, in addition to discussions with the New York Stock Exchange and Nasdaq.

The United States allows companies of any size to file privately. The Securities and Exchange Commission (SEC) changed its rules in July 2017 to encourage more IPOs. Before that, only smaller companies were allowed to file privately.

The company's IPO registration statement has been filed with the SEC, and the review process will take about three to four months. The U.S. Securities and Exchange Commission (SEC) will review these documents before approving the public offering.

Mining rival Bitmain also failed to complete a listing on the Hong Kong exchange and was reportedly considering pursuing a U.S. listing in June.

Original link: https://www.coindesk.com/bitcoin-miner-maker-canaan-confidentially-files-for-ipo-in-us-report