Avalon bitcoin miner maker Canaan officially files for $400 million US IPO
Mining manufacturer Canaan Creative has officially filed for an initial public offering (IPO) in the U.S. According to the paperwork Canaan lost $45.8 million on net revenues of $42.1 million for the six-month period ended June 30, 2019. The company plans to list on NASDAQ under the ticker CAN.
Why it matters:
- Canaan and its larger competitor Bitmain had both attempted to go public in the past, but falling bitcoin prices created market uncertainty and the filings eventually expired. This current attempt marks Canaan's third attempt, and a potential chance to beat Bitmain to the public markets.
- At a rumored valuation of $2 billion - $3 billion Canaan could be the first crypto unicorn to go public.
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