Bitmain rival Canaan Creative set for Nov 20 IPO on Nasdaq

After announcing last month that it had filed to go public, Canaan is now set to debut on the Nasdaq stock exchange on November 20. Canaan's listing comes off the back of failed attempts to be listed on other stock exchanges in Hong Kong and mainland China. The company is looking to raise $400 million in its offering.

Why it matters:

• The offering follows the Silvergate IPO last week, in which Silvergate successfully raised $40 million. Canann has the potential to be the first publicly listed crypto unicorn.
• With the official date of the offering now in place, Canaan is set to beat rival Bitmain to the public markets. Bitmain confidentially filed for an IPO in October.
• Notably, Galaxy Digital, Mike Novogratz’s crypto merchant bank, is a co-underwriter on the offering. In September, Galaxy Digital received its underwriter license from FINRA allowing it to act as an underwriter on public offerings of equity, debt, and other corporate securities in the U.S.