Bitcoin Miner Maker Canaan Files for Hong Kong IPO

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