Operating as Canaan Creative, this China-based company is the world's second-largest designer and manufacturer of Bitcoin mining machines with a 22% market share, behind Bitmain Technologies (rumored 4Q19 IPO). Canaan's supercomputing solutions use its proprietary computing ASICs.
As it became known, on October 28, the company sent the prospectus an initial offering of securities to the regulator. According to the document, Canaan wants to be listed on the NASDAQ exchange under the symbol CAN and raise $400 million by placing it. Credit Suisse, Citigroup, Galaxy Digital and others can participate in the campaign as underwriters.
The company reported a net loss of $48.2 million in the six months ended June 30, compared with a profit of 216.8 million yuan ($30.6 million) during the same period last year. The price of Bitcoin has halved since its 2017 peak to slightly more than $9,400.
It is worth noting that in November last year, Canaan Creative did not update the application for an IPO on the Hong Kong Stock Exchange (HKEX), and it expired. At the same time, the Chinese manufacturer of bitcoin miners did not abandon plans to become a public company.