Chinese crypto mining firm files for U.S. IPO for $400m

29 Oct 2019

Cryptocurrency A Chinese crypto mining firm has filed for an initial public offering (IPO) in the U.S.

Canaan Creative filed for an IPO with the U.S. Securities and Exchange Commission (SEC) to raise $400m, while planning to be listed on the Nasdaq under CAN.

As reported by Coin Telegraph, the Chinese crypto mining giant – one of the three major Chinese crypto mining firms along with Bitmain and Yibang International - filed a $200 million IPO draft request with U.S. regulators back in July, but the F-1 form was not made public until Monday.

Should the IPO be successful, Canaan could become the first China-based crypto mining company to be publicly traded in the U.S. 

Bitmain filed to list an IPO with the Securities and Exchange Commission in June this year, as its IPO listing application with the Hong Kong Stock Exchange expired in March.

As per the SEC filing, Canaan generated $394 million in revenue last year, with a net income of $8.3 million. However, the company recorded a total comprehensive income loss of $45.8 million this year.

Canaan’s largest competitor Bitmain opened what it said is the largest Bitcoin mining facility in the world, located in Rockdale, Texas. The initiative was completed due to a collaboration with Rockdale Municipal Development District and Canadian tech company DMG Blockchain Solutions.

According to Rockdale lead project manager for Bitmain, Clinton Brown, the facility’s launch is “significant to Bitmain's global expansion plans” and Texas’ efficient energy resources will be crucial in supporting what he defined as the inevitable scale of growth of the Bitcoin mining industry.