Bitmain competitor Canaan publicly files for $400M IPO on Nasdaq

Asia • October 28, 2019, 6:10PM EDT
UPDATED: November 10, 2019, 5:00PM EST
Billy H.C. Kwok/Bloomberg via Getty Images

Canaan Creative, one of the biggest bitcoin miner manufacturers, publicly filed for a U.S. Initial Public Offering (IPO) on Monday, with Credit Suisse, Citi Group, Galaxy Digital, and four others as its underwriters. 

The second-largest ASIC manufacturer after Bitmain, Canaan will list its shares on Nasdaq under the symbol "CAN." The company proposes to raise $400 million, per the filing. According to the company's SEC filing, the company generated $394 million in revenue in the fiscal year of 2018, with a net income of $8.3 million. However, the firm has lost $45.8 million so far in 2019 and its year to year revenue is also down by 85% from 1H 2018 to 1H 2019. 

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In 1H19, the company's global bitcoin mining machine market share is 23.3%. Since launched, Canaan has shipped 26,000 AI chips and modules, according to the filing. 

It was reported in July that Canaan had secretly filed an IPO in the U.S., after its plans to go public in Hong Kong and mainland China fell through. Meanwhile, rivals Bitmain and Ebang have also attempted to go public in Hong Kong without winning approval. 

Last week, Bitmain just opened  "the world's largest" bitcoin mining farm in Texas, following the news that Digital Currency Group-backed Layer1 raised $50 million to run its own mining business in the same state. 

About Author

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.