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Canaan Targets $100 Million Through US IPO

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Canaan

Canaan

One of the most significant developments of the past few months in the crypto sphere has been the potential initial public offering of Bitcoin miner maker Canaan. The company is the second-biggest company in the category, and its IPO is all set to be one of the biggest events in the crypto space this year.

In a new development, the company stated that it wishes to raise as much as $100 million from its IPO in the United States. The statement is a bullish one and goes to show that the company is highly optimistic about Bitcoin mining in the years to come.

About Canaan

The company, which is based out of Hangzhou in China, submitted its application for its IPO with the United States Securities and Exchange Commission on Wednesday. Canaan has revealed that it is going to offer a total of 10 million American depository shares, or ADS, in its IPO. The shares are going to be priced in the $9 to $11 range. If the company manages to attract sufficient interest from the market, then it could raise as much as $100 million.

It goes without saying that if Canaan manages to raise this amount, it would be a significant achievement for the company, and it will also prove the market’s optimism with regards to the Bitcoin mining space.

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In addition to that, the mere fact of actually getting listed in the United States will be an achievement for the company and the industry at large. If its application is approved, then Canaan will become the first Bitcoin miner to have been listed in the formal capital markets.

It should also be noted that back in October, Canaan stated that it was seeking a valuation of $400 million from the market. However, it should be noted that the final valuation could yet be altered if and when the IPO comes along.

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Canaan Creative Files for $400 Million IPO in the US

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Canaan Creative

Canaan Creative

Over the past few years, a whole new ecosystem has emerged due to the staggering growth enjoyed by Bitcoin, and one of the more well-known constituents of that ecosystem is Bitcoin miner maker Canaan Creative. In a new development, it has emerged that Canaan has decided to go public in the United States.

Listing on Nasdaq

The company wants to be listed on NASDAQ, and according to the documents filed by Canaan, it wants to raise $400 million from the listing. Bitcoin mining is the backbone on which the entire cryptocurrency market is dependent, and Canaan is involved in supplying actual miners with the necessary equipment.

That being said, it is important to note that the company has not yet decided the final amount that it wishes to raise or the price it will be seeking for each share come the listing day. Canaan Creative, which is based out of Hangzhou in China, has revealed that in the full year of 2018, it had generated a net income of $8.3 million. The revenues for the same period stood at $394 million for the company.

However, it should be noted that the price of Bitcoin dropped markedly in 2018, and that resulted in many miners shutting down altogether. Hence, it is no surprise that the company lost as much as $16.7 million in the last six months of 2018.

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Will Canaan Get the Approval?

Although Canaan Creative has filed its papers at the Securities and Exchange Commission, it remains to be seen whether the company can be successful in getting listed. The company has previously filed for listing in China and Hong Kong. On both occasions, the whole thing collapsed due to uncertainties related to the market.

While Canaan Creative has not revealed how many shares are going to be issued, Chinese media has revealed some of the details. It has been revealed that the company could issue 126 million shares and seek valuation in the $2 billion to $5 billion range.

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Bitcoin Mining Manufacturer Canaan Files for IPO in US Worth $200 Million

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Canaan

Canaan

As per a report, Canaan Creative, the major Bitcoin miner manufacturer, is supposed to have confidentially filed for an IPO in the US.

As Bitcoin has grown into one of the biggest cryptocurrencies in the world, a range of industries have cropped up that are seeking to provide services that will help create a more robust ecosystem, and most of them are bearing fruit.

For instance, new crypto exchanges are cropping up every other day, and it has become an industry in itself. However, not much has yet been talked about the wide range of companies that are solely involved in the mining of Bitcoins, and one of the companies that has made a name for itself in this space is Canaan Creative.

Key Details

It has now emerged that the company is all set to be the first Bitcoin mining company to have its own initial public offering in the United States. It goes without saying this is a significant development for the Bitcoin mining industry at large. It is interesting to note that Canaan had planned to have an IPO in Hong Kong back in 2018 but eventually pulled out. The reason for this probably lies with the state of the crypto market last year. However, 2019 has been a superb year for Bitcoin, and in the first half of the year, the token went on a massive bull run that threatened to replicate the one it had back at the end of 2017.

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Canaan is a Chinese company that is involved in the manufacturing of crypto mining hardware, and in its filing, the company stated that the size of the IPO is going to be $200 million. That being said, the United States Securities and Exchange Commission is going to examine the company’s mining rigs before it allows the listing to take place. This is, without a doubt, another example of the sort of impact that Bitcoin has had on the markets in general, and it is believed that its influence is going to expand in the future.

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