A piece of news regarding Canaan is circulating in the crypto market where the anonymous sources quoted saying that Canaan Creative, a Chinese Bitcoin mining hardware manufacturer is planning to consider new initial public offering (IPO) in the New York City very soon.
As per the news reports of Bloomberg, January 8, Canaan – the second largest hardware player in China could possibly begin selling its market share by the end of the first half of this year. The information was sent to Bloomberg by the people who are in touch with the matter – decided not to reveal their identity.
Canaan to Initiate its Plans by the End of Q2
The plans to conduct an IPO were going since the beginning of the year 2018. Canaan, like Bitmain Technologies, had originated a plan to conduct an initial public offering (IPO) in Hong Kong, but, somehow, the plans worth $400 collapsed in November.
A person quoted saying to Bloomberg – told not to reveal his identity “deliberations are at an early stage, and there’s no certainty they will lead to a transaction” for an NYC-based IPO.
The crypto market bubbling ignited the rumors in the Bitcoin mining sector. The entities, led by Bitmain, have suffered losses on the back of Bitcoin prices – linked to the decrease in the activity and demand.
When the network hash rate of Bitcoin started showing recovery, it was reported in December that the IPO plans of Bitmain (scheduled for the same destination) would go nowhere – because of the reluctance of stock market regulator of Hong-Kong. It is also been in the news that Bitmain may likely to lay off its employees in the short term.