Chinese Bitcoin Mining Giant Canaan Files for $400m US IPO

Henry Chan   Nov 11, 2019 16:00

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One of China’s largest bitcoin mining hardware makers, Canaan Creative, publicly filed for a U.S. IPO on Monday, The Block Reports.

The Bitmain rival is slated to go public on the Nasdaq under the symbol “CAN” with the help of underwriters Citigroup, Credit Suisse, China Renaissance, and four other firms. It hopes to raise $400 million in the offering.

The company’s SEC filing shows that the company generated $394 million in revenue in 2018 with a net income of $8.3 million. Canaan, however, lost roughly $46 million this year, with year-to-year revenue sliding 85% from 1H 2018 to 1H 2019.

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