Mining Chip Giant Nano Labs has filed with the SEC for an initial public offering on the Nasdaq

Vladislav Sopov

Despite the ongoing bear market, more and more companies are approaching the IPO

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• Chipmaker Nano Labs is planning a $50 million IPO on NASDAQ
• COIN, HAT, MSTR in deep red

While other NASDAQ-listed companies are in the red, their competitor, Nano Labs, has filed an initial public offering (IPO) with US regulators.

Chipmaker Nano Labs is planning a $50 million IPO on NASDAQ

According to the statement shared by IPO watchdog Renaissance Capital, Nano Labs, a Chinese chipmaker, has filed with the US SEC for an upcoming IPO on NASDAQ.

Nano Labs, a mining chip company founded by former Canaan executive Kong Jianping, is preparing to list on the Nasdaq. It filed with the SEC on Friday to raise up to $50 million in an initial public offering. https://t.co/ettlT3PpUG

— Wu Blockchain (@WuBlockchain) June 11, 2022

The announcement was made by Chinese cryptocurrency journalist and insider Colin Wu. According to the information from the IPO trackers, the request to the SEC was first silently sent in 2021. The company will offer its shares under the NA ticker.

Nano Labs is a leading fabless integrated circuit design company in mainland China; It also established a wholly owned subsidiary based in Singapore to facilitate the expansion of its overseas market.

To sue

Mr. Wu also says Nano Labs is headed by Kong Jianping, former co-chairman of another chipmaker, Canaan Inc. Canaan made headlines with its IPO, which raised $90 million during the 2018-2019 crypto winter; The company had planned to hit a 300% more impressive sum.

COIN, HAT, MSTR in deep red

As the cryptocurrency market decline accelerates, virtually all mainstream stocks in this segment are facing significant losses. Coinbase’s COIN is a textbook example: it lost 82% of its IPO price.

TSX-listed bitcoin (BTC) mining heavyweight Hut 8 Mining has seen the price of its HUT shares plummet nearly 90% over the past seven months.

MicroStrategy Inc., a showcase for corporate crypto adoption trends, is looking strong amid this carnage; in the last few months it lost “only” 75% of its capitalization.