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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

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

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.

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.

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