- Underwriters include Credit Suisse, Citi Group, Galaxy Digital, China Renaissance, CMBI, Huatai Securities and Tiger Brokers.
- Canaan has shipped 26,000 AI chips and modules, since launch.
As per The Block Crypto, Canaan Creative, one of Bitmain’s biggest competitors, has filed for a $400 million IPO on Nasdaq. Their underwriters include Credit Suisse, Citi Group, Galaxy Digital, China Renaissance, CMBI, Huatai Securities and Tiger Brokers. The Bitcoin miner manufacturers will list their shares on Nasdaq under the ticker of “CAN.” According to their filing, in 1H19, the company’s global share for bitcoin mining machines is 21.9%. Plus, Canaan also revealed that it had shipped 26,000 AI chips and modules, since launch.
Despite generating $394 million in revenue in 2018, with a net income of $8.3 million, Canaan has had a pretty slow 2019. They have lost $45.8 million and its year-to-year revenue is also down by 85% from 1H 2018 to 1H 2019. Canaan, along with Bitmain and Ebang, had earlier failed to go public in Hong Kong. Canaan also tried to do an IPO in mainland China, but that fell through as well.
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