Ripple CEO Brad Garlinghouse predicts that initial public offerings (IPOs) will become more prevalent in the cryptocurrency and blockchain space in 2020. Speaking at the World Economic Forum in Davos yesterday, Jan. 23, Garlinghouse reportedly hinted that Ripple would itself be one of those firms to seek a public flotation: “In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.” “Natural evolution” An IPO refers to …

Chinese Bitcoin (BTC) mining giant Canaan Creative’s depositary shares have seen a 40 percent drop in value since November initial public offering (IPO). Canaan was the first Bitcoin mining giant to go public on a major United States stock exchange, and successfully navigate an IPO. However, the mining giant’s stock has taken a severe beating since its IPO on Nov. 21. The company’s stock price value went as high as $13 per share on the day of the launch, only to take a painful nosedive to today’s value of $5.25, representing a 40% price crash. After failing to secure an …

OneConnect, the financial technology subsidiary of Chinese insurance giant Ping An, has updated its filing for an initial public offering (IPO) with the United States Securities and Exchange Commission (SEC). According to an F-1 filing dated Dec. 2, the firm is looking to sell $500 million worth of shares in its IPO. The recent filing states: “We expect that we will receive net proceeds of approximately US$438.2 million from this offering, or approximately US$504.6 million if the underwriters exercise their over-allotment option in full.” Reports circulating in November claimed that OneConnect initially sought approval for a $100 million IPO. In …

For businesses about to embark on periods of rapid growth, access to capital is essential. That said, traditional methods of fundraising sometimes leave a lot to be desired. Initial public offerings can help boost the profile of fledgling brands, but they are often costly — with middlemen taking a sizeable cut out of the money generated. Cryptocurrencies and blockchain have upended the status quo, removing intermediaries from a plethora of businesses that we all use every day. Their impact is also being felt in the private equity sector — with entrepreneurs getting an opportunity to connect with consumers directly in …

Bitcoin (BTC) mining giant Canaan Creative has raised $90 million in its initial public offering (IPO) — over 75% less than expected. According to Bloomberg, which quoted filings from United States regulator the Securities and Exchange Commission (SEC) on Nov. 20, Canaan sold 10,000,000 shares for $9 each. From $400M to $90M Previously, the company looked to raise considerably more. Having failed to secure an IPO in Hong Kong last year, Canaan looked to the U.S., with a funding figure of $400 million circulating prior to the event. A setback came when Canaan lost its biggest bank, Credit Suisse, just …

The buildup to the 2017 peak in cryptocurrency prices intoxicated business owners and investors around the world. The momentum was so great that new businesses popped up every second of the day, all hoping to cash in on the first great crypto gold rush. As 2018 rolled round, the long crypto winter soon froze out the hopes of many. Although the long trough proved too much for some, when prices rose again, the landscape looked very different. Initial coin offerings had largely been declared irrelevant and stablecoins from massive international companies gradually came to dominate a once-diverse industry. As 2019 …

Softbank-backed Chinese fintech OneConnect has filed for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC). As Bloomberg reported on Nov. 13, OneConnect is the blockchain- and AI-focused fintech arm of Chinese insurance giant Ping An. Seeks $100 million and Nasdaq listing The report claims that the filing seeks to raise $100 million, eyeing listing on the Nasdaq Global Market or New York Stock Exchange, if approved. Morgan Stanley, Goldman Sachs, JPMorgan Chase and Ping An Securities Group Holdings are leading the offering. OneConnect had previously sought a Hong Kong IPO with a target of …

Chinese cryptocurrency mining giant Canaan Creative has announced terms for its United States initial public offering (IPO) planned for later this month. On Nov. 13, Renaissance Capital reported that Bitcoin (BTC) mining giant Canaan Creative announced its plans to raise $100 million by offering 10 million American depositary shares (ADS) at a price range from $9 to $11. This would potentially put the company’s overall market value at some $1.6 billion, with an enterprise value of $1.4 billion. An ADS is a U.S. dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange. First SEC …

Bitcoin (BTC) mining giant Canaan Creative has seen almost $100 million in revenue this year but remains over $30 million in the red. According to an amendment form submitted on Nov. 5 as part of its registration to conduct an initial public offering (IPO) in the United States, Canaan revealed its Q3 net profit to be 94 million yuan ($13 million). Canaan posts $31M loss for 2019 In total, the company generated revenue of just over $134 million in the first nine months of 2019, but weaker performance early on has still resulted in a net loss of around $31 …

In 2017, Bitmain ruled the roost and all eyes were on China, but 2018 was a barren year for cryptocurrency. Prices plummeted. Companies crumpled. The long-awaited initial public offerings of two crypto mining titans, Bitmain and Canaan Creative, failed at the final hurdle as the crypto winter humbled even the most ambitious crypto companies. But not for long. After biding their time in the shadows, following months of rumors and tumultuous events, the two hardware behemoths are filing to go public in the United States. Bitmain bites back Founded only six years ago by Jihan Wu and Micree Zhan, Bitmain …

China-based mining titan Bitmain Technologies has discreetly filed an application for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC). According to an Oct. 30 report from Tencent News citing anonymous “informed sources,” German multinational Deutsche Bank is sponsoring the application. The amount sought to be raised by the offering has not been specified. Deutsche Bank reportedly sponsoring the application Tencent News further reports that the IPO plans have been dominated by Bitmain co-founder Jihan Wu and Chief Financial Officer Liu Luyao. To bolster chances of success, the firm has purportedly hired Zheng Hua, former …

Chinese cryptocurrency mining giant Canaan Creative has filed to be a publicly-traded company in the United States. On Oct. 28, Canaan Creative filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) to raise $400 million, while planning to be listed on the Nasdaq under the ticker CAN. Canaan reportedly filed a $200 million IPO draft request with the U.S. regulators in July, but the formal F-1 form was not made public until today. If successful, Canaan, which is one of the three major Chinese crypto mining companies alongside Bitmain and Yibang International, could become …