Bitcoin Mining Producer Canaan Confirms IPO Submitting, Backed By Main Banks

Chinese Bitcoin mining {hardware} producer Canaan Inventive plans to start out buying and selling of its IPO as quickly as July, Bloomberg reports Might 16.

Canaan, which confirmed rumors it was planning an IPO with a submitting this week, will doubtless create the biggest Bitcoin-focused providing but seen when it debuts on the Hong Kong inventory alternate.

Citing nameless sources, Bloomberg added that whereas the submitting didn’t point out a particular fundraising goal, the determine “might” circle $1bln – a determine which had previously appeared earlier this month.

The transfer would create additional competitors for mining stalwart Bitmain, with Canaan at present already controlling round 15% of the Bitcoin chips and {hardware} gear market.

In an interview with Reuters final month, in the meantime, co-chairman Jianping Kong mentioned the numbers have been equal to “1 / 4 of the world’s bitcoin blockchain computing energy.”

Main IPO backers showing on the submitting are Morgan Stanley, Deutsche Financial institution AG, Credit score Suisse Group AG and CMB Worldwide Capital Ltd.

Canaan has but to concern a public assertion concerning the transfer, declining remark after a request from Reuters Tuesday.

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