Bitcoin mining hardware firm files for $1b IPO in Hong Kong's first cryptocurrency flotation

Canaan Inc accounts for about 15% of the global bitcoin mining chip market.

Bloomberg reports that the world’s second bitcoin mining gear maker Canaan Inc., has submitted a filing for an IPO at the Hong Kong stock exchange in a move that makes it the city’s first cryptocurrency flotation. 

Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG and CMB International Capital Ltd. are joint sponsors of the proposed offering, according to a preliminary prospectus. Canaan had filed for an IPO that could raise about $1b although the filing didn’t reveal how much Canaan will seek.

Founded in 2013, Canaan sells computer equipment that win digital coins by solving complex math problems. It accounts for about 15% of the global market for bitcoin mining chips and computer equipment, second only to Chinese rival Bitmain.

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