RATE Group | Bitcoin Mining Firm Canaan Slashes IPO Target, Lets Application Lapse
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Bitcoin Mining Firm Canaan Slashes IPO Target, Lets Application Lapse

15 Nov Bitcoin Mining Firm Canaan Slashes IPO Target, Lets Application Lapse

Posted at 15:40h in Bitcoin News by

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Canaan, one of the world’s largest bitcoin mining firms, may be having second thoughts about its plan to go public in one of the cryptocurrency industry’s highest-grossing initial public offerings (IPO) to date.

Chinese Bitcoin Mining Firm Delays IPO

The Hangzhou-based Canaan had been one of at least three Chinese bitcoin mining firms planning to go public on the Stock Exchange of Hong Kong (HKEX), along with Ebang and Bitmain — the crypto industry’s most valuable company.

However, Reuters reports that Canaan’s filing documents lapsed on Thursday, which marked the six months after the firm had initially submitted them to HKEX. According to unnamed sources close to the deal, both HKEX and local regulators were concerned about the firm’s business model and had not yet received satisfactory answers.

Significantly, Canaan had also reportedly slashed its IPO target by a full 80 percent, to $400 million from an initial goal of as much as…

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