Bitcoin Mining Behemoth Canaan Creative Moves Ahead with $400M U.S. IPO

Canaan Creative, the world’s second-largest Bitcoin mining machine manufacturer after Bitmain, has filed for a $400 million initial public offering (IPO) with the United States Securities and Exchange Commission (SEC). If all goes as planned, Canaan’s shares will be listed on the NASDAQ Stock Exchange with the ticker symbol CAN, this according to a South China Morning Post report, October 29, 2019.

Canaan Creative Eyes U.S. Market

After trying to launch its initial public offering in China and Hong Kong without much success, a highly reputed Bitcoin mining equipment maker, Canaan Creative is set to give the U.S. market a try.

Per sources close to the matter, Canaan Creative, which generated a massive $394 million in total revenue and $8.3 million of net income in 2018, is looking to raise a whopping $400 million via an IPO and get listed on the NASDAQ stock exchange.

It will be recalled that this is the third time that the Bitcoin mining equipment giant is trying to become a publicly listed company. 

Canaan Not Giving Up

The Beijing-based firm previously tried to go live on the Shenzhen Stock Exchange (SZSE) via a reverse acquisition of $466 by Shandong Luyitong, a China-based electrical equipment manufacturer, however, the endeavor failed to see the light of day.

In May 2018, reports emerged that Canaan Creative had decided to pursue a $1 billion IPO on the Hong Kong Stock Exchange (HKEX). However, the country’s financial watchdog failed to greenlight the move before the filing expired in November.

Established in 2013 by N.G. Zhang, Canaan Creative has established itself as a major player in the consumer electronics and computer hardware ecosystem, only second to Bitmain, which has also been trying hard to go public and has been making in-roads into the U.S. market.

As reported by BTCManager on October 21, 2019, Bitmain launched a 50-megawatt capacity mining farm in Texas, as part of its U.S. expansion push.

Notably, Canaan put its name in the history books in August 2018, when it unveiled the world’s first Bitcoin mining smart television set called the “AvalonMiner Inside.”

Due to the regulatory dark clouds that still surrounds the U.S. blockchain and cryptocurrency space, it remains to be seen whether the authorities will approve Canaan’s IPO application or throw it out of the window like a Bitcoin ETF filing.