Canaan Creative, a Chinese Bitcoin mining hardware manufacturer, applied for an initial public offering that could allegedly raise around $1 billion. Canaan is the second largest manufacturer of Bitcoin mining hardware in the world.
The company's shares could be traded in Hong Kong by July, but the IPO has not yet been publicly announced so the details could change. In a filing, Canaan Inc, the parent company of Canaan Creative, stated that the company's revenue was $203.8 million last year, with profits rising as well.
Founded in 2013, Canaan sells chips under the "Avalon" brand name. It currently has 15% of the global Bitcoin mining rig market.
Canaan's IPO would be the first cryptocurrency IPO in Hong Kong. Canaan's main rival is another Chinese company, Bitmain.