RATE Group | Bitcoin Miner Canaan Creative’s 2019 Revenue Nears $100M Ahead of IPO
67835
post-template-default,single,single-post,postid-67835,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Miner Canaan Creative’s 2019 Revenue Nears $100M Ahead of IPO

07 Nov Bitcoin Miner Canaan Creative’s 2019 Revenue Nears $100M Ahead of IPO

Posted at 08:35h in Bitcoin News by

[ad_1]

Bitcoin (BTC) mining giant Canaan Creative has seen almost $100 million in revenue this year but remains over $30 million in the red. 

According to an amendment form submitted on Nov. 5 as part of its registration to conduct an initial public offering (IPO) in the United States, Canaan revealed its Q3 net profit to be 94 million yuan ($13 million). 

Canaan posts $31M loss for 2019

In total, the company generated revenue of just over $134 million in the first nine months of 2019, but weaker performance early on has still resulted in a net loss of around $31 million. 

Canaan is due to conduct its pioneering IPO this month, subject to formal permission from the U.S. Securities and Exchange Commission, or SEC.

Executives previously attempted to launch an IPO in Hong Kong and China, but both processes fell through due to regulatory misgivings. Bitmain, one of Canaan’s largest competitors, has likewise tried and failed to complete an IPO so far. 

Canaan, in fact, saw a healthier…

[ad_2]

Source link

Tags:
, , , , , , , , ,