Bitcoin Miner Maker Canaan Files for Hong Kong IPO

China-based Canaan Creative, one of the largest bitcoin mining hardware makers, has filed for an IPO in Hong Kong.

AccessTimeIconMay 21, 2018 at 1:00 p.m. UTC
Updated Sep 13, 2021 at 7:58 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Canaan Creative, one of the biggest manufacturers of bitcoin mining chips and devices, has filed for an initial public offering (IPO) with the Stock Exchange of Hong Kong (HKEX).

Filed on May 15, the firm's application is still in draft form and pending approval from the HKEX, so it remains unknown at this stage how much the China-based company is valued at and what figure it intends to raise.

However, a report from Bloomberg suggests that the firm aims to raise $1 billion, which, if true and ultimately successful, would make it the largest ever IPO in the cryptocurrency industry.

Meanwhile, the document also offers a glimpse into the firm's financial health. According to a financial statement included as part of the IPO filing, Canaan raised 1.3 billion yuan ($204 million) in revenue in 2017 alone, marking 3,000 percent year-on-year growth compared with 2016.

Similarly, the firm also brought in a net profit of $56 million in 2017 – a six-fold increase over the previous year.

This isn't the first time that the bitcoin miner maker has closed on becoming a publicly traded entity. As previously reported by CoinDesk, an attempted acquisition deal in 2016 would have seen Canaan go public on China's Shenzhen Stock Exchange, but the stock exchange eventually blocked the move over "uncertainties."

In May 2017, the company raised 300 million yuan ($43 million at the time) in a Series A round that saw the participation of Jin Jiang International Group, Baopu Asset Management and Tunlan Investment.

Avalon mining chips image via Canaan

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.