Canaan Targets $100 Million Through US IPO

One of the most significant developments of the past few months in the crypto sphere has been the potential initial public offering of Bitcoin miner maker Canaan. The company is the second-biggest company in the category, and its IPO is all set to be one of the biggest events in the crypto space this year.

In a new development, the company stated that it wishes to raise as much as $100 million from its IPO in the United States. The statement is a bullish one and goes to show that the company is highly optimistic about Bitcoin mining in the years to come.

About Canaan

The company, which is based out of Hangzhou in China, submitted its application for its IPO with the United States Securities and Exchange Commission on Wednesday. Canaan has revealed that it is going to offer a total of 10 million American depository shares, or ADS, in its IPO. The shares are going to be priced in the $9 to $11 range. If the company manages to attract sufficient interest from the market, then it could raise as much as $100 million.

It goes without saying that if Canaan manages to raise this amount, it would be a significant achievement for the company, and it will also prove the market’s optimism with regards to the Bitcoin mining space.

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In addition to that, the mere fact of actually getting listed in the United States will be an achievement for the company and the industry at large. If its application is approved, then Canaan will become the first Bitcoin miner to have been listed in the formal capital markets.

It should also be noted that back in October, Canaan stated that it was seeking a valuation of $400 million from the market. However, it should be noted that the final valuation could yet be altered if and when the IPO comes along.

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