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

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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).

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.

AUTHOR

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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