Canaan: IPO of the bitcoin mining company collects 90 million
Mining

Canaan: IPO of the bitcoin mining company collects 90 million

By Marco Cavicchioli - 21 Nov 2019

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Chinese company Canaan Inc., a producer of bitcoin mining ASICs, raised $90 million with an IPO launched on the US market. 

In fact, the Hangzhou-based company sold 10 million shares at $9 each, thanks to a public offering managed by Citigroup, China Renaissance Holdings and CMB International Capital. Canaan planned to raise approximately $100 million by offering 10 million shares at a price of between $9 and $11. 

The company now has a market capitalisation of approximately $1.5 billion. The shares will soon be available for trading on the Nasdaq under the CAN symbol. 

In reality, Canaan initially aimed to raise $400 million on the Hong Kong market, but this project was unsuccessful both because of the abandonment of the main advisor, Credit Suisse Group, and because the Hong Kong Stock Exchange considered it too premature to list companies related to cryptocurrencies. 

As a result, the project was scaled back and diverted to the American market, i.e. the Nasdaq stock exchange. 

The company was founded in 2013 and is mainly involved in the production of blockchain servers and the design of ASIC microprocessor solutions for bitcoin mining. Its products are sold worldwide and in the last 2 months has recorded sales of about 177 million dollars

In 2018, Canaan mass-produced the world’s first 7nm mining chip and the world’s first commercial RISC-V intelligent computing chip, the K210. 

By the end of 2019, it plans to start producing the second generation of 28nm AI-K510 chips

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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