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Canaan a producer of Bitcoin mining machines files for IPO

Canaan, a Chinese company that produces Bitcoin mining machines, has filed for an IPO on NASDAQ and is aiming to amass over $400 million. Bitmain, a main competitor, is also seeking to file an IPO. 

According to PanDaily, Canaan intially wanted to list on the Hong Kong Stock Exchange before deeming it as too immature for cryptocurrency related trading. The company aims to “make supercomputing available for everyone and enable the wide adoption of blockchain and AI technologies for better living.”

This could be described as a bold move seeing that Canaan has recorded a loss of $45.8 million in June 2019 after making a profit of $25 million in June 2018.

China is already making big moves in regards to blockchain and cryptocurrency, the country is already planning to apply blockchain technology in cross-border financing (Read More) as well as moving forward with the launch of its own, government approved digital currecny (Read More). With Canaan’s interest in going public and, therefore, growing China could be looking at a very promising future in artificial intelligence.

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