Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO

Canaan Creative, the Avalon bitcoin miner maker and one of the world’s largest mining equipment manufacturers, has just formally filed another attempt to go public – this time in the U.S.

Canaan’s initial public offering prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 indicates it intends to list on NASDAQ under the ticker name CAN and sets a placeholder amount of $400 million for the raise. The final amount of intended raise, valuation and price per share offering have not been decided at this stage.

The filing shows the Hangzhou, China-based bitcoin miner maker lost $45.8 million for the six months ending June 30, 2019, on net revenue of $42.1 million, compared to $25 million profit on net revenue of $275 million for the first half of 2018.

Canaan said net income in full year 2018 was $8.3 million on net revenue of $394 million, as the bitcoin price plunged in the second half of 2018 from above $6,000 to around $3,000,…