Bitcoin miner maker Canaan files for US IPO to raise $200 million - Report

Canaan Creative, one of the biggest manufacturers of bitcoin miners in China, has reportedly filed an application for an initial public offering (IPO) in the U.S.

The news was reported Wednesday by an IPO-focused blog on the WeChat messaging platform, using an official account named "IPO Zao Zhi Dao," saying that Canaan has "secretly" submitted the application with the U.S. Securities and Exchange Commission (SEC).

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Earlier this year, there were reports that Canaan, manufacturer of the Avalon bitcoin miners, was considering an IPO in New York, although the process was still in its early stages at the time.

Recently, Canaan's shareholders were also reportedly considering listing the company on Science and Technology (Sci-Tech) Innovation Board within the Shanghai Stock Exchange. The firm had also filed an IPO application with the Hong Kong Stock Exchange, which lapsed in November.

Canaan's rivals, Bitmain and Ebang, have also attempted to go public in Hong Kong, but neither of them has received approval to this date.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.