What We Learned From Canaans Hong Kong Ipo Prospectus

What we learned from canaans hong kong ipo prospectus

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Avalon bitcoin miner and one of the largest mining equipment manufacturers in the world, Canaan Creative, is filing to go public— in the U.S. this time.

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Yesterday, Canaan filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC).

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The company intends to list on the Nasdaq under the ticker CAN. The bitcoin miner set a placeholder amount of $400 million for the raise. No additional details have been disclosed at this stage.

What we learned from canaans hong kong ipo prospectus

In the six months ending on June 30 of this year, the Chinese company lost $45.8 million on net revenue of $42.1 million. In the first half of 2018 the bitcoin miner made $25 million in profit on net revenue of $275 million.

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The price of bitcoin plunged in the second half of 2018, which caused a large majority of bitcoin miners to close operations or operate unprofitably. Thus, Canaan’s net income for the entire year of 2018 was $8.3 million on net revenue of $394 million.

This recent filing is Canaan’s third attempt to hit the public market.

What we learned from canaans hong kong ipo prospectus

Its first attempt in mainland China, and second in Hong Kong, fell through due to uncertainties in the market.

According to Chinese media, Canaan’s most current valuation is between $2 and $3 billion— 126 million shares are to be issued.

Canaan has considered taking another stab at an IPO in either mainland China or the U.S., but a formal F-1 form was just made public.

What we learned from canaans hong kong ipo prospectus

Bitcoin’s price has jumped again this year, causing the demand for mining equipment to outweigh the supply. Subsequently, sales for leading manufacturers like Canaan and Bitmain have surged.

Bitmain has followed a similar path to Canaan— reportedly seeking a U.S.

What we learned from canaans hong kong ipo prospectus

IPO after its long-anticipated Hong Kong attempt failed to get off the ground.

Have you/would you invest in Bitcoin?

This article has been provided by a DearWallstreet contributor.

Bitcoin Mining Manufacturer Canaan Files for Hong Kong Stock Exchange IPO

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