China-based Canaan, one of the biggest manufacturers of bitcoin mining chips and devices, is reportedly considering an initial public offering (IPO) in the U.S.

A Bloomberg report on Tuesday, citing people with “knowledge of the matter,” said that Canaan’s IPO could be launched in the first half of this year in New York, although the process is still in its early stages.

Canaan had been seeking to go public in Hong Kong to apparently raise about $1 billion, filing for an IPO in March of last year. That plan, though, has been abandoned, Bloomberg said. The firm’s Hong Kong Stock Exchange (HKEX) application lapsed in November.

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