China-Based Mining Giant Canaan Filed for IPO with SEC
NEWS
October 29  |  2 min read

Second Biggest Chinese Mining Company Canaan Files for IPO in US

The COIN360 Editorial Team

Today, China-based mining giant Canaan filed for an IPO with the SEC. The plans were revealed this summer, but the official form was published on October 28. If the initial public offering goes live, the firm could become the first Chinese mining company to be publicly traded in the US.

According to the filing, the company reached $394 million in revenue in 2018, while the net income was $8.3 million. This year the company registered a loss of $45.8 million.
The company is planning to raise $400 million and be listed on Nasdaq.

Canaan is the world’s second largest designer and manufacturer of ASIC mining machines with a 22% market share, behind Bitmain Technologies. In China, Canaan, Bitmain, and Yibang International are three major crypto mining companies.

This summer Canaan’s competitor, Bitmain, reportedly considered filing for an IPO in the United States as well, since the application for the Hong Kong Stock Exchange expired in March. As COIN360 reported earlier, last week Bitmain announced the launch of its 50MW mining farm in Rockdale, Texas.