• Sun, 08 Dec 2019, 06:27 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Chinese bitcoin mining giant Canaan seeks to raise $100M in US IPO

Thu, 14 Nov 2019, 06:21 am UTC

Canaan, a leading bitcoin mining equipment manufacturer is seeking to raise around $100 million in its initial public offering (IPO) in the United States.

This marks the company’s third IPO attempt following two unsuccessful ones in Hong Kong and China.

According to Canaan’s updated IPO application with the U.S. Securities and Exchange Commission (SEC), the company is aiming to offer 10 million American depositary shares (ADS) and estimates the IPO price per ADS to be between $9 and $11. This is expected to put the company’s market value at around $1.5 billion.

“Each ADS represents 15 Class A ordinary shares, par value US$0.00000005 per share,” the filing reads. “We have applied for listing of the ADSs on the Nasdaq Global Market under the symbol ‘CAN.’”

Should the offering attract enough interest from investors, Canaan would be able to raise $100 million through the IPO. This would make it the first bitcoin mining equipment manufacturer to go public in the traditional stock market, CoinDesk reported.

Late last month, Canaan put a placeholder amount of $400 million for the IPO. The company said at the time that it plans to use the fund to support its research into artificial intelligence and blockchain, as well as pay off debts, Reuters reported.

The latest figure of $100 million could be still be revised by the company ahead of its final listing.

Founded in 2013, Canaan is the manufacturer of high-performance integrated circuits and is the company behind the Avalon bitcoin mining machines.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,516.13 (-0.64%)
  • Ethereum (ETH) $148.86 (-0.48%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $212.14 (-1.31%)
  • Litecoin (LTC) $45.78 (-0.53%)
  • Bitcoin (BTC) $7,516.13 (-0.64%)
Dec 6, 2019 (Friday)
13:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:19
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
11:18
South Korean consortium to provide blockchain-based ID services via mobile app in 2020
10:31
Crypto Technicals: BCH/USD intraday bias turns slightly bullish, scope for test of 20-DMA (220.99)
10:00
Bitfury launches enterprise blockchain platform ‘Exonum Enterprise’
08:44
CULedger reveals an EFT payment solution for credit unions in collaboration with R3, Luxoft
07:37
Reserve Bank of India governor against the development of private digital currencies
07:34
Ripple asks court to dismiss XRP securities lawsuit in latest filing ahead of court meeting
07:30
Crypto Technicals: ETH/USD struggles to extend recovery, finds stiff resistance at 200H MA at 149.77
05:47
Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round
05:03
Blockchain firm ChromaWay acquires Antler Interactive after setting up its gaming arm Chroma Studios
04:42
Galaxy Digital-backed Flipside Crypto hires Accenture Managing Director Matt Bridges as COO
04:23
Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA
03:56
Canadian mining firm goes belly up; Owes local, federal government hundreds of thousands
03:54
New crypto derivatives trading platform Phemex can manage 300,000 TPS, says core developer
03:51
Microsoft creates blockchain-based incentive scheme with Enjin to recognize active members of Azure community
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft