Despite the decrease in crypto asset values, Canaan Inc, the second largest Bitcoin mining firm has announced plans to raise $2 billion in an initial public offering (IPO) in July. It would be the biggest bitcoin focused IPO so far.
Canaan is planning to raise the money not as a bitcoin firm, but as a chip designer with focus on blockchain and artificial intelligence (AI). The Beijing-based company was given regulator approval last month, despite a cryptocurrency mining crackdown in China.
As the price and interest in cryptocurrencies grew, demand for digital token mining gear rose but with Bitcoin prices down 40% this year, interest in mining has fallen.
Still, Canaan’s revenue grew by 3% year-on-year, with 1,3 billion yuan (about $204 million) in revenue in 2017.
Global investment firm eToro is expanding its cryptocurrency offerings and is planning to launch an exchange and digital wallet, including into the USA. The social investing site already offers 10 virtual currencies and is planning to add more.