Chinese cryptocurrency mining behemothic Canaan Artistic has appear terms for its United States initial public offering (IPO) planned for later this calendar month.

On Nov. 13, Renaissance Uppercase reported that Bitcoin (BTC) mining giant Canaan Creative announced its plans to raise $100 million by offer 10 million American depositary shares (ADS) at a price range from $9 to $11. This would potentially put the visitor's overall market value at some $1.6 billion, with an enterprise value of $1.iv billion.

An ADS is a U.S. dollar-denominated equity share of a strange-based company available for buy on an American stock exchange.

First SEC filing for China-based mining house

In Oct, Canaan Creative filed with the U.Southward. Securities and Commutation Commission (SEC) for an IPO intended to raise $400 one thousand thousand, with plans to be listed on the Nasdaq under the ticker Tin can. If Canaan is successful, the mining company could get the outset China-based mining firm to run into public trading in the U.S.

As office of its registration to comport an IPO in the Usa, Canaan revealed its Q3 internet profit to be 94 one thousand thousand yuan ($13 1000000). Although the company generated acquirement of simply over $134 meg in the start nine months of 2022, weaker functioning early on has yet resulted in a total comprehensive income loss of effectually $31 meg.

Ane of three Chinese mining giants

Canaan, which is i of the three major Chinese crypto mining companies alongside Bitmain and Yibang International, previously attempted to launch an IPO in Hong Kong and China, but both attempts failed after regulators pored over their business model and financial outlook. Bitmain, which enjoys a 75% market share of the crypto hardware market place worldwide, has too tried to consummate an IPO, thus far meeting with failure.

In October, Bitmain opened what it claimed to exist the world's largest facility for Bitcoin mining in Rockdale, Texas, which was completed thank you to a collaboration with the Rockdale Municipal Development District and Canadian technology firm DMG Blockchain Solutions.