- Iterative Capital Management principal Leo Zhang praised the firm’s IPO in a podcast.
- Canaan currently holds approximately 23% of the global mining machine market share.
Last month, cryptocurrency mining giants, Canaan, became the first cryptocurrency company to enter the public markets. According to an expert, the firm’s initial public offering (IPO) may be “more symbolic” than substantial.
Iterative Capital Management principal Leo Zhang praised the firm’s IPO as a “big milestone” in a recent The Scoop podcast. He further stated that its impact on the cryptocurrency industry might eventually wade.
Apart from mining and manufacturing AI chips, Zhang noted that the firm is mainly focused on circuit design rather than being a fully integrated cryptocurrency company. Zhang reported that Canaan’s technology is not as efficient as Bitmain and Whatsminer. Eventually, the firm’s influence will wane, “despite that it has a huge seat.”
As per the filing of its IPO, Canaan currently holds approximately 23% of the global mining machine market share. Last month, Canaan raised $90 million in its underwhelming IPO, slashing its original $400 million fundraising goal by 77.5%. Zhanh said:
I don’t really think this requires them much validation from equity investors. It’s–at this point, I think the US tech stock market is just as inflated as a cryptocurrency market. In terms of sentiment, not in terms of quantity.