Chinese Bitcoin Mining Maker Files For IPO In US

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China-based Bitcoin mining equipment manufacturer Canaan Creative filed for an initial public offering in the U.S. on Monday, Oct. 28.

What Happened

This is Canaan’s third attempt at filing an IPO after failures in Hong Kong and mainland China.

In November 2018, the company’s IPO application in Hong Kong became invalid after local authorities said they would stiffen cryptocurrency regulations in the city.

Reports of Canaan IPO’s with the SEC has been floating since January this year.

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The company filed a draft prospectus confidentially in July, according to Coindesk, but the F-1 form wasn’t made public until Monday.

What’s Next

The company was seeking to raise as much as $1 billion at the start of the year, according to Bloomberg. It has humbled its goal significantly in the latest filing.

This time the world’s second-largest Bitcoin ASICs maker after Bitmain intends to raise $400 million.

The company plans to list its shares on Nasdaq under the symbol ‘CAN.’

Credit Suisse (NYSE: CS), Citigroup (NYSE: C), China Renaissance (HKG: 1911), and CMBI (CMBI.N0000), among others, have signed as its underwriters.

The company’s main competitor Bitmain is also seeking to go public in the US after facing similar struggles in China. The Bitcoin mining giant’s Hong Kong IPO filing expired in March this year as well.

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