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Canaan Creative, a Bitcoin Mining Rig Maker files for $1 Billion IPO

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Canaan

Canaan Creative applied an initial public offering application in Hong Kong that could raise around $1 billion. The company is the second-biggest manufacturer if of Bitcoin mining hardware.

Canaan Creative plans to get to get listed as soon as July, a spokesperson stated who didn’t want to reveal his identity.

According to a report from Sanford C.Bernstein & Co, In February the company had about 15{7ac5c3bf57b95c89d20da1c585f68f2fe47644be0187dccece42864a092023b1} of the market share of the total global market for bitcoin mining chips and would be the first cryptocurrency company to be listed in Hong Kong.

Canaan Creative was founded in 2013 which sell mining equipment under the “Avalon” Brand that is used to mine cryptocurrency after solving complex mathematical algorithms.

In April, Jianping Kong the co-chairman of the firm said that most of its hardware ends up in local housing large mining pools which depend on cheap electricity. Last year  Canaan Creative announced that it was developing chips which could be dedicatedly used for artificial intelligence application.

Jianping Kong declined to comment on the IPO and no final decision has been made from the firm. They were planning to list on China’s National Equities Exchange and Quotation last year before they opted for to pursue a Hong Kong IPO.

 

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