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

By Henry Chan   Nov 12, 2019 1 Min Read

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This article is contributed by our content partner, Nexchange NOW.

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.

Image via Nexchange NOW
Original Article: http://www.nexchangenow.com/news/71552/chinese-bitcoin-mining-giant-canaan-files-for-400m-us-ipo/


About the author

Henry Chan
Blockchain and Crypto writer with over 2 years experience in Blockchain and Fintech. I'm interested in how Blockchain can bring transformation in supply chain, and bring improvement to the life of people in Africa.




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