Canaan may launch an IPO in new York by the end of the second quarter 2019

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Chinese manufacturer mining equipment for the extraction of Bitcoin, the Canaan company, is considering entering into a new initial public offering (IPO), now in new York, said the publication Bloomberg, citing anonymous sources.

Canaan is the second largest manufacturer of mining equipment in China and can start a private sale of its shares in the first half of this year, according to insiders familiar with this matter, which, however, refused to disclose his identity.

As the industry leader Bitmain Technologies, Canaan had originally planned to hold an IPO in Hong Kong, but in November the company changed its plans to attract $400 million.

Bloomberg notes that “the discussion is at an early stage, and there is no guarantee that eventually the efforts will lead to an IPO in new York.

Problems mining industry

The rumors appeared on the background of the tumultuous events of the last few months in the cryptocurrency sphere. Manufacturers of mining equipment, led Bitmain, faced with a significant loss of demand for its products in connection with sharp falling of the prices for Bitcoins (BTC) and the associated lower profitability of mining.

Despite the fact that the hash rate of the Bitcoin network since then began to gradually recover in December, reports surfaced that the decision of the IPO of the company Bitmain, which are planned in Hong Kong, also did not come true, due to fears of stock market regulator about the instability of kryptonyte.

It was reported that Bitmain is going to lay off a huge number of their employees in the short term, and while the information seems more than plausible.

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Tags: Canaan IPO

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