Canaan Creative Files for US IPO, Aiming to Raise $400 Million

Chinese crypto miner maker Canaan Creative has officially filed for an initial public offering (IPO) in the United States, seeking to raise $400 million.

If approved, the Avalon-branded crypto miner manufacturer will list its shares on Nasdaq under the ticker symbol of CAN. The company also engaged with Credit Swiss, Citi Group, Galaxy Digital, and four others to underwrite for IPO filing.

Numbers show the condition of the industry

Detailing the financials, the IPO filing stated that the company generated $394 million in revenue in the fiscal year of 2018 and booked a profit of $8.3 million.

However, the plummet in the prices of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term also reflected in the books of the Chinese hardware maker as it lost $45.8 million for the six months ending June 30, 2019, with an 85 percent decline on the year-to-year revenue from the first half of 2018 to the first half of 2019.

Canaan also revealed that it held 21.9 percent of the Bitcoin mining hardware market in the first half of this year and since launch, shipped 26,000 chips and modules globally.

The public filing at Nasdaq came after a reportedly confidential attempt to list its shares on an unknown US-based Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term. Before the US, the Hangzhou-based company also made multiple attempts to publicly list its stocks on both China and Hong Kong stock exchanges.

Canaan’s application for an IPO lapsed last November at the Hong Kong Stock Exchange (HKEx). Earlier this year, reports surfaced that the miner maker might attempt to list its stocks on the Shanghai Stock Exchange under the newly created Science and Technology (Sci-Tech) Innovation Board.

Meanwhile, Canaan’s competitor and leading ASIC-based hardware manufacturer, Bitmain, is also reportedly attempting to enter the United States with an IPO proposal after failing in Hong Kong.

BREAKING

According to public record, Jihan Wu took over Micree Zhan as the legal representative of Bitmain in China Under China law, this means he serves as the legal embodiment of the company, which is a crucial role Bitmain obviously can't sit still while Canaan filed IPO — Dovey 以德服人 Wan ? ? (@DoveyWan) October 29, 2019