Bitcoin Mining Producer Canaan Confirms IPO Submitting, Backed By Main Banking institutions

Chinese Bitcoin mining components manufacturer Canaan Innovative plans to begin investing of its IPO as quickly as July, Bloomberg studies May 16.

Canaan, which confirmed rumors it was organizing an IPO with a submitting this 7 days, will possible build the largest Bitcoin-centered featuring nonetheless noticed when it debuts on the Hong Kong stock exchange.

Citing nameless sources, Bloomberg included that although the filing did not mention a specific fundraising concentrate on, the determine “could” circle $1bln – a determine which experienced formerly appeared before this month.

The transfer would produce even more opposition for mining stalwart Bitmain, with Canaan at the moment now controlling about 15% of the Bitcoin chips and components machines industry.

In an interview with Reuters past month, in the meantime, co-chairman Jianping Kong mentioned the quantities ended up equal to “a quarter of the world’s bitcoin blockchain computing electricity.”

Important IPO backers showing up on the submitting are Morgan Stanley, Deutsche Bank AG, Credit rating Suisse Group AG and CMB Intercontinental Money Ltd.

Canaan has still to difficulty a community statement about the move, declining comment right after a ask for from Reuters Tuesday.

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