Canaan who are a leading maker of cryptocurrency mining equipment, filed on Monday with the SEC to raise up to $400 million in an initial public offering.
The company is the world’s second-largest manufacturer of Bitcoin mining machines with a 22% market share, behind Bitmain Technologies who are rumoured 4Q 2019 IPO.
The firm was founded in 2013 and booked USD 151 million in sales for the 12 months ended June 30, 2019. It plans to float on the Nasdaq under the symbol CAN. Credit Suisse, Citi, China Renaissance and CMBI are the joint bookrunners on the deal but no pricing terms were disclosed.
The move will put the company even higher in the hierarchy of crypto tech firms and make more people aware of their products.
The products will be highly correlated to the price of cryptocurencies as if the correlated prices move then the popularity of the products will increase or decrease.
It might then be a better and more secure way to trade the price of cryptocurrencies rather than the outright.
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