Avalon BTC Miner Maker Canaan Plots Another IPO Route
The manufacturer of Avalon Bitcoin miner called Canaan Creative is planning to take another route to go public. Here is everything about it in a nutshell.
Second Attempt At Going Public
The firm’s very own shareholders are reportedly working on a plan that would list its shares on the newly developed Science and Technology (Sci-Tech) Innovation Board. According to people familiar with the situation, the plan, however, is still under heavy discussion and is far from getting finalized.
The news, in particular, arrives just a few weeks following the trading board, which kind of works like Nasdaq, debuted in China. This was made possible due to the apparent demand from local technology firms. And all of these took place just a couple of months after Canaan’s application found its way to the public.
The company is also believed to be considering both the U.S and China in terms of filing a new application. It has also started connecting with different channels in an attempt to do so. And although the plan is far from getting finalized, it is possible that everything would go down by the end of the year.
The aforementioned trading board was launched on March 1, which was just four months after the Chinese president Xi Jinping unveiled a plan to support tech firms in supporting money with ease.
New and Old Faces
Canaan is believed to be brewing a second tab at going public, especially since it is on the heels of a recent funding round. While there is nothing official revealed from the company, sources say that the funding could have been around a couple of hundred million dollars. And with this funding, the company’s value could reach “several billion dollars.”
Apparently, though, the funding took place and did not necessarily include new investors. This is simply due to the fact that it all came from shareholders’ own pockets. This suggests that there is a vote of confidence within the premise of the firm, especially since shareholders continue to share interest in investing.
However, the absence of new investors is something worth checking. It is definitely a sign of how difficult fund raising has become for mining operators. This somehow contributes to the ongoing slump the crypto space is experiencing.
While it remains unofficial, sources suggest that Canaan could soon reach a multi-billion dollar value. As far as who these shareholders are, there is no indication about their identity whatsoever.