Canaan, a leading maker of cryptocurrency mining equipment, filed on Monday with the SEC to raise up to $400 million in an initial public offering.
Operating as Canaan Creative, this China-based company is the world's second-largest designer and manufacturer of Bitcoin mining machines with a 22% market share, behind Bitmain Technologies (rumored 4Q19 IPO). Canaan's supercomputing solutions use its proprietary computing ASICs.
The Hangzhou, China-based company was founded in 2013 and booked $151 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol CAN. Credit Suisse, Citi, China Renaissance and CMBI are the joint bookrunners on the deal. No pricing terms were disclosed.
