Bitcoin mining equipment manufacturer Canaan files IPO in USA

posted 4 months ago
Bitcoin mining equipment manufacturer Canaan Creative formally filed an attempt to go public in the US. Canaan’s intends to be listed on NASDAQ under the ticker name CAN and sets a placeholder amount of $400 million for the raise. The filing shows the Hangzhou, China-based Bitcoin miner maker lost $46 million for the 1st half of 2019, compared to $25 million profit for first half of 2018.

Canaan said mining was unprofitable when BTC plunged to $3,000 last year and when BTC price surges the demand for mining equipment exceeds supply. Previous IPO attempts in China fell through due to market uncertainties. Chinese media pegged Canaan’s valuation at between $2 billion and $3 billion this month, with 126 million shares to be issued.
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