Crypto mining devices maker Canaan Creative has filed an official application to go public in the US.
The company filed yesterday with the US Securities and Exchange Commission (SEC) an official application to go public in the US.
According to the document, Canaan intends to list on NASDAQ under the CAN ticker and raise around $400M. The company's underwriters include Credit Swiss, Citi Group and Galaxy Digital.
During the six months which ended on June 30, Canaan lost about $45.8M, while its revenues reached $42.1M. During the first half of 2018, the company's profits climbed to $25M, while its revenues remained at $275M. At the same time, during the second half of last year, Canaan recorded $16.7M in losses as a result of the collapse of bitcoin and the general decline in mining interest.
According to Chinese media, Canaan might reach a valuation of around 2-3 billion dollars after its IPO. In July it was known that Canaan was exploring the possibility of filing an IPO application with the SEC.
If the IPO eventually happens, Canaan will become the first of China's largest mining firms (Bitmain, Canaan and Ebang) to list on a US stock exchange. Last year, Bitmain, Ebang and Canaan filed an IPO application to go public in Hong Kong.
Earlier this month iHodl reported the company might be considering going public in the US in November.
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