Canaan Creative, the Avalon bitcoin producer and one of the world's largest mining equipment manufacturers, has officially filed a new public disclosure attempt, this time in the United States.
Canaan's initial prospectus filed with the US Securities and Exchange Commission (SEC) on October 28 indicates its intention to enter the NASDAQ under the symbol CAN and sets a $ 400 million proxy for the increase. The final amount of the offer of increase, valuation and price per share has not been decided at this stage.
The deposit shows that the Bitcoin producer based in Hangzhou, China, lost $ 45.8 million for the six months ended June 30, 2019, with net income of $ 42.1 million, compared with $ 178.9 million profit dollars on net income of $ 1.977 billion for the first half of 2018.
According to Canaan, net income in 2018 would be $ 8.3 million on net proceeds of $ 394 million, with the bitcoin price falling from over $ 6,000 to about $ 3,000 in the second half of 2018, prevented many Bitcoin miners from functioning.
This filing marks Canaan's third attempt to become public, following its first and second trials in mainland China and Hong Kong, respectively, both of which failed due to market uncertainties.
The Chinese media estimated this month that Canaan's value was between $ 2 billion and $ 3 billion, with 126 million shares to be issued.
The company began considering giving it another chance in Mainland China or the United States earlier this year and would have filed a draft prospectus in confidence with the SEC in July. But an official F-1 form has not been made public until today.
The rise in Bitcoin prices this year has meant that the demand for Bitcoin mining equipment has outpaced the supply of several major ore companies, resulting in increased sales for major manufacturers such as Bitmain, Canaan and MicroBT. For example, MicroBT, the manufacturer of WhatsMiner, expects a turnover of $ 400 million in the third quarter of 2019 alone.
Bitmain, on the other hand, would also seek to go public in the United States after the failure of its long-awaited IPO in Hong Kong, with the local stock market and regulators still unsure of its sustainability.
Kong Jianping, Co-Chair of Canaan, Image courtesy for Poolin event
Results of Canaan profits via Edgar