It seems that the creator of the Avalon Bitcoin ASIC mining hardware has taken moves to secure a stock listing spot on the Hong Kong stock exchange. The company, usually known as Canaan, is seeking for $1 billion in IPO funding.
Canaan Creative, better known for their Avalon ASIC lineup in the cryptocurrency community, has just confirmed that they have a plan to facilitate a one billion dollar IPO.
For those who are unaware of what an IPO is, IPO stands for an initial public offering, which is essentially the traditional equity market’s version of a cryptocurrency-based ICO.
— Bloomberg (@business) May 16, 2018
This was not the first case of a public showing of Canaan’s ambitions to become listed on traditional equity markets as Canaan’s executives attempted to become listed on a Chinese OTC market called the New Third Board in 2016.
This announcement came after last week’s rumors of the possibility that Canaan would apply to become publicly listed in either the Hong Kong or American stock exchanges. Even though Canaan is based out of Hangzhou, a large Chinese city, anti-crypto and anti-mining regulation worries have made Canaan executives wary about listing their company on a Chinese-based exchange.
It is now clear that Canaan has now set their eyes on the Hong Kong exchange, submitting an application earlier yesterday. The application for public listing is supposedly coming with a few sponsors in the form of Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG, and CMB International Capital Ltd.
You will not need to wait long to buy the company on the public market as an anonymous source who is knowledgeable about Canaan’s IPO has said that the company plans to be available as soon as July, just two months away.
It may come as a surprise to some that Canaan’s ASIC lineup is actually the second largest in the Bitcoin mining world,