TL;DR: Beijing, China-based cryptocurrency mining hardware manufacturer Canaan Inc. filed a Form F-1 Registration Statement with the US Securities and Exchange Commission (SEC) in anticipation of a $400 million initial public offering (IPO).
Rig Maker Canaan Files $400 Million Initial Public Offering in US
Canaan’s Monday, October 28th, 2019 IPO filing is a powerful signal crypto mining is still a thing. Over the course of 2018’s notorious extended bear market, the mining industry actually contracted on a few levels, and at least one major IPO was shelved as a result.
This year has proven to be different evidently. Canann’s IPO process began Summer of 2019, and has since doubled in scope to nearly half a billion dollars. It could be the first successful crypto mining IPO in US history, ahead of what industry watchers thought for sure would be rival Bitmain’s achievement. Bitmain filed a similar request with the SEC back in June, but no word of late as to its progress.
If all goes well, Canaan will be listed on the Nasdaq with the ticker symbol CAN. Curiously, according to the filing, Canaan earned hundreds of millions last year but is now operating at a loss for much of 2019. How that impacts the present IPO application is anyone’s guess.
With the broader crypto speculative market somewhat recovering this year, mining is again capturing headlines. Recently, for example, Bitmain hosted a World Mining Summit in Germany and also announced plans for a giant data farm in Texas. For its part, Canaan has been around since 2013, and at various points has been active on the fiance front such as back in 2016 when it attempted a reverse acquisition of a Shenzhen Stock Exchange-traded company.
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