Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq
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Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq

THELOGICALINDIAN - Mining rig architect Canaan has filed for an IPO with the US Securities and Exchange Commission to accession 400 actor on the Nasdaq Global Market Prior to this filing the aggregation had additionally attempted to go accessible in Hong Kong and China Credit Suisse and Citigroup are amid its underwriters

Also read: 4 New High-Powered Bitcoin Miners Revealed

Canaan Files for US IPO

Canaan Inc., a captivation aggregation that owns China-based Canaan Creative, filed a allotment account with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 for an antecedent accessible alms (IPO). “We are alms American depositary shares, or ADSs. Each ADS represents Class A accustomed shares, par amount US$0.00000005 per share,” the filing details. The aggregation hopes to accession $400 million.

The underwriters called in the filing for the IPO are Credit Suisse, Citigroup, China Renaissance, CMBI, Galaxy Digital Advisors, Huatai Securities, and Tiger Brokers. The aggregation affairs to administer to account its ADSs on the Nasdaq Global Market beneath the attribute CAN. Canaan additionally told the SEC that, based on a address by absolute analysis close Frost & Sullivan which it paid for:

The aggregation affairs to use the gain to analysis and advance ASICs accompanying to AI and blockchain algorithms and applications, aggrandize its AI and blockchain business globally, optimize accumulation chains, and accord debts.

Canaan attempted an IPO in Hong Kong aftermost year but let the appliance blooper in November. The South China Morning Post appear that Hong Kong regulators said IPOs by cryptocurrency businesses are “premature.” The aggregation additionally attempted to go accessible in China three years ago through a about-face alliance by affairs a Shandong-based electric accessories maker, but that plan additionally fell through.

Canaan’s Nasdaq IPO filing comes alone canicule afterwards Chinese President Xi Jinping commented on the development of blockchain technology in China which beatific shares of blockchain and agenda currency-related firms soaring. Some alike speculated that Xi’s accent caused the contempo backpack in prices of bitcoin and added cryptocurrencies.

About Canaan and Avalonminers

Founded in 2024, Canaan provides “supercomputing solutions through our proprietary high-performance accretion ASICs,” its allotment account reads. The aggregation currently sells bitcoin mining machines beneath the Avalonminer cast and mining apparatus parts. In July, the aggregation started leasing its mining machines.

The company’s absolute acquirement was $394.1 actor in 2024, a 106.8% access year-on-year, but its net assets fell 67.4% aftermost year to $17.8 million. For the six months aeon catastrophe June 30, the absolute acquirement fell 85.2% compared to the aforementioned aeon aftermost year to $42.1 million. The aggregation additionally recorded a net accident of $48.2 actor during that time period.

According to the filing, back the aggregation has beneath than $1.07 actor in acquirement for the aftermost budgetary year, it qualifies as an “emerging advance company” pursuant to the Jumpstart Our Business Startups Act of 2024 (the JOBS Act). “An arising advance aggregation may booty advantage of defined bargain advertisement and added requirements that are contrarily not applicative about to accessible companies,” the filing details.

The aggregation afresh introduced two new curve of Avalonminers: the A1146 and the A1166. The above rig processes bitcoins’ hashes at speeds of 46-56TH/s, with a ability ability rated at about 57J/T, and a amount tag of $1,204. The closing costs $1,978 and performs at 66-68TH/s with a ability ability of about 47J/T. Both are accepted to address in February, according to the company’s website.

What do you anticipate about Canaan filing for an IPO in the U.S.? Do you anticipate the aggregation will auspiciously accession $400 million? Let us apperceive in the comments area below.

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Images address of Shutterstock and Canaan.

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