The Avalon miners produced by Canaan Creative have a market share of 21.9%

Crypto mining hardware manufacturer Canaan Creative has filed for listing on the US stock exchange. This is the company’s third IPO attempt, after it subsequently dropped similar initiatives in China and Hong Kong.

The second largest ASIC producer after Bitmain, Canaan will list its shares on Nasdaq under the symbol “CAN”. The company aims to raise $ 400 million through this IPO, with 126 million shares to be issued.

According to documents filed with the SEC, the company generated revenue of $ 394 million in fiscal year 2018, with a net income of $ 8.3 million.

This month, Chinese media evaluated Canaan between $ 2 billion and $ 3 billion.

Avalon miners from Canaan Creative

The Avalon miners produced by Canaan Creative have a market share of the hardware market of 21.9%, according to statistics for the first half of 2019. Since its launch, Canaan has delivered 26,000 AI chips and modules, according to the IPO file.

However, the company has not had very good financial results in the last year. In the second half of 2018, it recorded $ 16.7 million in losses due to lower Bitcoin prices. Also, in the first semester of 2019 it recorded losses of 45.8 million dollars.

As the price of Bitcoin has risen again, and interest in cryptocurrencies and blockchain in China has increased, this year’s financial results may be positive.

Meanwhile, rivals Bitmain and Ebang have also tried to list on the Hong Kong stock exchange without success.

Last week, Bitmain opened in Texas the largest bitcoin mining farm in the world, in collaboration with Layer1.