Canaan Mining Company Is Planning the Biggest Ever Blockchain IPO

Canaan Creative, China’s second-largest bitcoin miner, submitted its IPO application to the Stock Exchange of Hong Kong (HKEX). The Beijing-based miner has yet to comment on its plans, but sources say it seeks to raise between $1 billion and $2 billion. The company aims to start trading shares in Hong Kong by July. Its application is still pending approval by HKEX. Canaan plans to go public at a time when mining profitability is in decline. Mining bitcoin is 60% less profitable today than it was in 2017, with retailers confirming a sharp decline in rig demand. In May of last year, Canaan raised 300 million yuan ($43 million) in Series A funding with participation from Jin Jiang International Group and Baopu Asset Management, among others.

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