A major Chinese crypto mining giant named Canaan Creative recently filed to be a publicly traded company in the United States. On October 28, Canaan Creative filed an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) in order to raise $400 million. This comes in the midst of the plans for the company to be listed on the Nasdaq market under the CAN ticker.
Canaan reportedly filed a $200 million IPO draft request with the regulators from the United States in July. However, the formal F-1 form was not made public until today. As the Bitcoin news show, Canaan is one of the three major Chinese crypto mining companies alongside Bitmain and Yibang International – and could become the first Chinese crypto mining firm that is publicly traded in the US.
Earlier we reported about Bitmain filing to list an IPO with the US SEC in June 2019, following the expiration of their IPO listing application with the Hong Kong Stock Exchange in March. As the SEC filing showed, Canaan generated $394 million in revenue in 2018 and a net income of $8.3 million. However, the designer and manufacturer of Bitcoin mining equipment experienced a total comprehensive income loss of $45.8 million in 2019.
Currently, the biggest competitor of the Chinese crypto mining giant is Bitmain. The company opened what it claims to be the world’s largest facility for Bitcoin (BTC) mining in Rockdale, Texas this month. The facility was completed thanks to a collaboration with the Rockdale Municipal Development District and the Canadian technology firm DMG Blockchain Solutions.
The lead project manager for Bitmain, Clinton Brown, said that this facility and its launch is “significant to Bitmain’s global expansion plans” and that the state has stable and efficient energy resources which are “fundamental to supporting” what he believes is the inevitable scale of growth of the mining industry.
The fact that a Chinese crypto mining giant joins the battle with Bitmain for the best mining company says a lot about China and the entire crypto economy right now. In fact, we are seeing more and more of these updates right after the President of China announced that the country is focusing on crypto and blockchain from year 2020.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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