Crypto mining giant Canaan files for $400m IPO on Nasdaq

By Yana Berman

One of the biggest crypto companies files for IPO with Credit Suisse, Citigroup and Galaxy Digital

Canaan Creative, one of the largest manufacturers of crypto mining hardware, officially filed for an IPO in the US, according to a statement by the US Securities and Exchange Commission.

The ASIC manufacturer is going to list its shares on Nasdaq under the ticker CAN. Canaan aims to raise $400m (£312m, €361m) during the IPO. The company listed Credit Suisse, Citigroup, CMBI and Galaxy Digital as its underwriters.

In its filing for the SEC Canaan revealed that its total revenue for 2018 was $394m, while its net income was $8.3m.

In 2019, Canaan lost $45.8m. The company's revenue dropped 85 per cent in comparison to the first half of 2019.

What is your sentiment on NDAQ?

158.08
Bullish
or
Bearish
Vote to see community's results!

Canaan is the world's second largest crypto hardware manufacturer after Bitmain. According to the filing, its market share for mining machines in the first half of 2019 was 21.9 per cent.

In July, Canaan was rumoured to have filed confidentially for the US IPO, as its plans to go public in mainland China and Hong Kong failed.

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image