Canaan Creative, a Chinese manufacturer of bitcoin mining equipment, will conduct an initial public offering on the leading NASDAQ stock exchange on November 20. This is reported by The Block, citing its own sources.
Bitmain rival filed an IPO on October 28 and expects to raise $ 400 million. Underwriters are Citi Group, Credit Suisse, Galaxy Digital and four other companies.
At the same time, it remains unknown at what price the company intends to place its shares.
Rumors that Canaan is considering an IPO in the United States appeared at the beginning of the year. This is the third attempt by the company to conduct an initial public offering - earlier Canaan unsuccessfully tried to conduct an IPO in Hong Kong and mainland China.
According to the submitted documents, last year the net profit of the manufacturer of miners Avalon amounted to $ 8.3 million with revenue of $ 394 million. However, in the second half of 2018, Canaan lost $ 16.7 million amid falling bitcoin prices.
According to a survey of institutional investors, the company's valuation is in the range of $ 2-3 billion.