A Chinese company producing ASIC chips for Bitcoin mining may be the first to file an IPO in the United States, according to unconfirmed reports making the rounds on tech media today.
Sources like Cointelegraph are revealing that reports on the WeChat platform today claimed that an application from Chinese company Canaan Creative is in the hands of the U.S. Securities and Exchange Commission.
If that’s true, Canaan Creative may be close to filing an IPO for the U.S. market.
It’s major competitor, Bitmain, is also a privately owned Chinese company, but has offices in the U.S. and is much better known.
Beating Bitmain to the punch could be a huge shot in the arm for this dark horse mining equipment company.
Canaan Creative’s internal ‘about us’ page doesn’t explain why a Chinese entrepreneur chose a name North Americans associate with Hebrew biblical lore for a Bitcoin mining company, but it does show a past track record of this kind of creative naming, where Canaan Creative founder N.G. Zhang previously invented two blockchain mining pieces and named them Icarus and Lancelot.
The resource shows that Canaan Creative produces ASIC microprocessors with design for the SHA-256 algorithm, and that the firm relies heavily on an internal style guide which the company apparently uses in designing new products.
After Bitmain’s unsuccessful in bid to launch its own IPO, Bitcoin prices fell precipitously – if Canaan succeeds, it could push Bitcoin prices up further, though analysts note Canaan may be playing on the current rally as ballast for its IPO bid.
The report of Canaan’s progress, though, is not only unofficial – it’s also written in Chinese.
We’ll keep you up-to-date on further news around this potentially impactful initial public offering.
