Bitcoin Mining Giant Canaan Completes US IPO

The bitcoin mining giant Canaan has listed on NASDAQ under the ticket symbol “CAN”. It is reported that Canaan has set the issuing price at the lower end of the price range, raising a total of $90 million. The Canaan IPO was led by Citigroup Inc., China Renaissance and China Merchants Bank.

According to Bloomberg, the Hangzhou-based company sold 10 million ADRs on Wednesday at a price of $9 per share. The documents submitted by Canaan to the Securities and Exchange Commission (SEC) show that the shares are issued at a price between $9 to $11.

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Founded in Beijing in April 2013, the company’s business is mainly focused on the R&D and the sale of bitcoin mining equipment as well as the R&D of AI chips. Its Avalon miner is widely used in the encrypted goods market, occupying a 23.3% share of the global BTC miner market.

Canaan previously applied for an IPO on exchanges in Shanghai, Shenzhen and Hong Kong, however all three approaches ended in failure. Canaan was denied multiple times from listing on domestic capital markets due to the relatively immature status of the blockchain industry.

Cryptocurrency is subject to strict supervision in China, and companies in the industry are subject to high regulatory risks. Until now, there has not been a successful listing of a cryptocurrency company in China’s domestic capital markets.