Bitcoin Miner Manufacturer Canaan Intends to Raise $100 Million in US IPO

Canaan, the world’s second-biggest bitcoin miner manufacturer, expects to raise around $100 million in its initial public offering (IPO) in the U.S.

The Hangzhou, China-based maker of the Avalon bitcoin miner updated its IPO application with the U.S. Securities and Exchange Commission (SEC) on November 13. It intends to offer 10 million American depositary shares (ADS) with each at the cost of somewhere in the range of $9 and $11.

In case Canaan gets enough investment interest, the offering would round up $100 million, making it the first major bitcoin miner creator to go public to the world in the conventional stock market.

With that offering size, it would likewise mean Canaan commands a diluted market value of about $1.5 billion with around 2.3 billion outstanding ordinary shares after the IPO. Every ADS would represent 15 Class A standard shares of Canaan, as indicated by the updated filing.

In Canaan’s underlying IPO filing from late October, the organization set a placeholder amount of $400 million for its IPO goals. The most recent figure may still be reexamined before its final posting.

Earlier, Canaan revealed on November 5 that it was able to have a profit of $13 million on revenues of $95 million for Q3 of 2019. It showed a net loss of $45 million for the first half of 2019.