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This Bitcoin Mining Chip Maker Plans A Nasdaq IPO Even As Markets Crash

China-based mining chip designer Nano Labs plans to raise $50 million in an initial public offering (IPO) on the Nasdaq.
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This Bitcoin Mining Chip Maker Plans A Nasdaq IPO Even As Markets Crash

China-based fabless chip designer Nano Labs Ltd. has filed a Form F-1 with the U.S. Securities and Exchange Commission (SEC) to raise $50 million in an initial public offering (IPO). The company is founded by former Canaan’s co-chairman Jianping Kong and seeks to list on the Nasdaq stock exchange under the ticker symbol “NA.”

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Mining Chip Firm Nano Labs Plans $50 Million IPO on Nasdaq

Mining chip maker Nano Labs filed a Form F-1 with the SEC on June 10 to list on the Nasdaq stock exchange as an American depositary share (ADS), representing Class A ordinary shares. Former Canaan board co-chairmen and directors Kong Jianping and Sun Qifeng serve as Nano Labs’ chairman and vice-chairman, respectively. The two Canaan executives exited the company as directors in 2020.

Investors will not be purchasing equity securities of subsidiaries with business operations in China, but instead will be purchasing equity securities of the Cayman Islands holding company Nano Labs Ltd.

According to the prospectus, the company aims to provide computing power to the metaverse computing network with their fabless logic-memory integrated circuits.

Nano Labs develops high throughput computing (HTC), high-performance computing chips, distributed computing and storage solutions, smart network interface cards, and vision computing chips.

Moreover, the Cuckoo near-memory HTC chips are one of the first available in the market with a maximum bandwidth of almost 2.27 Tbps. Also, the chips are one of the first movers of the ASIC-based Grin mining market.

The company’s listing at a time of decreased mining profit may not be beneficial for the investors. The miners are selling their holdings due to financial constraints and regulatory uncertainty. The mining difficulty is also rising continuously, further increasing problems for crypto miners.

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Crypto Market Under Pressure Due to Rising Inflation

The crypto market is reeling under pressure due to rising inflation in the U.S. and around the world. The crypto market dropped significantly in response to the Fed’s May inflation report on Friday. The Bitcoin price has dropped below the $30k level again, with the current price trading at $29,290 and Ethereum has dropped to its March 2021 price of $1,669.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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