Canaan Creative Files for $400 Million IPO in US

Canaan Creative

Canaan Creative

Canaan Creative, Chinese cryptocurrency mining giant has filed to be a publicly-traded company in the United States.

On October 28th, Canaan Creative filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) to raise $400 million.

The Platform reportedly filed a $200 million IPO draft request with the U.S. regulators in July, but the formal F-1 form was not made public until today.

Canaan, one of the three major Chinese crypto mining companies alongside Bitmain and Yibang International, will become the first China-based mining firm to be publicly traded in the U.S if they come out successful. Bitmain had filed to list an IPO with the U.S. SEC in June 2019.

According to the SEC filing, Canaan generated $394 million in revenue in 2018, with a net income of $8.3 million. However, the company has experienced a total comprehensive income loss of $45.8 million in 2019.

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