Leo Zhang: Canaan IPO is more Symbolic than Significant

According to Zhang, Canaan is not 100 percent cryptospheric. Mining is only one of its two priority areas of its activity. The company also manufactures microchips, which is the foundation for its investment attractiveness.

Despite this assessment of Canaan's initial public offering, Zhang emphasized that the overall impact of IPOs on the industry should not be underestimated. This is a big pillar for the cryptocurrency market as a whole. However, this topic will cease to be as sharp and relevant as it is now, and will be something simple and usual over time.

Recall that Canaan was one of the first companies to enter the public market. This event took place in November and was widely discussed in the media. At the end of the public offering period, an official event supported by the Hangzhou authorities was held.

IPO results were not very encouraging. The Chinese company, which controls ¼ of the mining market, raised just $90 million, which is only 22.5% of the planned funds.

Neironix analytic agency - the latest news on cryptocurrency!