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Canaan Creative is getting to ready to launch the largest crypto IPO yet

$1 billion

Bitcoin-mining equipment has proven to be extremely lucrative for China-based manufacturer Canaan Creative, which is looking to raise $1 billion for its IPO.

Published   |  Photo by Aurelien Foucault for Quartz
Bitmain_139
$1 billion

The company—the second-largest maker of bitcoin rigs—is known for its popular application-specific integrated circuits (ASICs), sold under the brand name Avalon.

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$1 billion

China-made ASICs—far more efficient than PC graphics cards—rank among the world’s most popular bitcoin-mining hardware.

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$1 billion

Canaan sold 294,523 of its Avalon ASICs in 2017, easily tripling its 2016 sales.

Bitmain_139
$1 billion

Canaan Creative’s profit jumped 230-fold in two years

Bitmain_139
$1 billion

Canaan Creative’s corporate filing noted its Avalon rigs also provided 19.5% of the world’s processing power for mining bitcoin in 2017, citing a report from research firm Frost & Sullivan.

Bitmain_139
$1 billion

Canaan aims to start trading in Hong Kong this July. It had planned to list in mainland China, but changed course after government crackdowns on crypto exchanges and mining farms.

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