Canaan becomes the first Chinese bitcoin mining company to be listed on Nasdaq

Founded in 2013, Canaan is a global leader in producing Blockchain servers and designing ASIC microprocessor solutions. Canaan products are sold globally. From the very first SHA-256 based upon FPGA technology to the Avalon Blockchain ASIC, Canaan continues to innovate by producing custom designed ASIC microprocessors.

Based in Hangzhou, China, the company sold 10 million U.S. deposit
shares for $9 each on Wednesday, November 20. According to the U.S.
Securities and Exchange Commission, the shares were traded for $9 to $11
per share. However, Canaan did not reach its financial target of $400
million. Canaan is the first Chinese Bitcoin mining company to be listed
on the NASDAQ electronic stock exchange.

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Canaan, Bitmain and Yibang International the three Chinese mining giants

Canaan, which is one of the three major Chinese crypto mining companies alongside Bitmain and Yibang International, previously attempted to launch an IPO in Hong Kong and China, but both attempts failed after regulators pored over their business model and financial outlook. Bitmain, which enjoys a 75% market share of the crypto hardware market worldwide, has likewise tried to complete an IPO, also met with failure.

In October, Bitmain opened what it claimed to be the world’s largest facility for Bitcoin mining in Rockdale, Texas, which was completed thanks to a collaboration with the Rockdale Municipal Development District and Canadian technology firm DMG Blockchain Solutions.

How has the IPO impacted the price of bitcoin?

News from the crypto segment in China usually causes turmoil in the overall crypto market. Most recently, the Bitcoin jumped over 30 percent when Communist Party President Xi…

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