China-based Crypto Mining Firm Submitted $400 Million IPO To be Publicly Listed in The US

By Chris Torres | October 30, 2019

Canaan Creative – the major China-based crypto mining firm – has submitted required documents to be listed as a publicly-traded company in the United States.

Specifically, on October 28, the US SEC has received an IPO submission to raise $400 million, with a secondary objective to be on the Nasdaq under the ticker CAN.

Canaan has previously submitted a draft IPO, equivalent to $200 million, with the US financial department back in July this year. However, only until today has the process for publicize the formal F-1 form completed. 

If things go according to plan, Canaan – top 3 crypto mining firm in China with Bitmain and Yibang International – would be the first-ever China-headquartered mining establishment publicly listed in America. 

As revealed in the filing received by the US SEC, Canaan has had $394 million total in revenue in the last business year, with an $8.3 million worth of net income. However, the business has experienced some rough pattern this year, with a total comprehensive income loss of $45.8 million has been recorded in 2019. 

Bitmain – the biggest rival of Canaan in its field – has introduced the self-proclaimed largest Bitcoin (BTC) mining facility, located in Rockdale, Texas. The establishment was successful thanks to the partnership between Bitmain and the Rockdale Municipal Development District and Canadian technology firm DMG Blockchain Solutions.

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