Canaan Inc is the 2nd largest manufacturer of Bitcoin mining hardware. Owing to the significant demand for Bitcoin mining hardware, the sales of this company have increased significantly. Recently, the company filed for IPO application in Hong Kong stock exchange.
The advisers to the IPO are Morgan Stanley, CMB International capital Ltd, Deutsche Bank among others. The company has filed IPO for raising over $ 1 billion. The exact amount is not yet known.
The company is slated to trade in July. The manufacturing facilities of the company are based in Hangzhou in China. Last year, the total turnover of the company was around $ 205 million. The income of the company has increased by 6 times in the last one year. This is clearly a trend which indicates that the demand for cryptocurrency mining hardware is actually pretty strong. The listing of the cryptocurrency mining hardware manufacturers will be a 1st for the Hong Kong stock exchange. Owing to this very reason, it will increase the credibility of not just the company but the cryptocurrency mining industry as well.
The company was formed in 2013. Since then, it has customized solutions to cater to the cryptocurrency mining market. Oftentimes, its hardware is used in the local mining operations in China itself. Owing to this very reason, the demand for its mining hardware is actually pretty high. As it manufacturers in China itself, the cost of the Bitcoin mining hardware is on the lower side. Also, last year company announced that it was working on introducing artificial intelligence in its mining equipment. As a result, its products will not only be more efficient but also in greater demand.
Currently, the company has not yet announced a specific date for launching the IPO. However, it is in the works.
Last year, there were rumors that the company is planning to list on China’s national equities exchange. However, it seems like it has finally chosen the Hong Kong stock exchange to list its stock. This is a positive step for not just the company but also the cryptocurrency industry as a whole. The entire cryptocurrency mining market is growing at a rapid pace. Even the bigger players like Nvidia are witnessing a significant amount of growth due to the increased demand for mining hardware. As a result, it seems like times are finally good for the cryptocurrency mining hardware manufacturers.
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