Bitmain rival Canaan Creative set for Nov. 20 IPO on Nasdaq

Bitcoin miner manufacturer Canaan Creative will ring the bell at Nasdaq on Nov. 20, several sources have confirmed to The Block. 

The biggest rival to Bitmain filed for a U.S. initial public offering (IPO) on Oct. 28 with Citi Group, Credit Suisse, Galaxy Digital, and four other firms as underwriters. The filing shows that Canaan is looking to raise $400 million from the IPO, although it is not clear in what price range the firm is considering listing its shares. 


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Canaan's successful listing on Nasdaq follows a slew of failed attempts to be listed on other stock exchanges in Hong Kong and mainland China. Bitmain, whose IPO plan in Hong Kong also fell through, is said to have secretly filed a U.S. IPO as well, sponsored by Deutsche Bank.

In the earlier filing, Canaan said it controlled 23.3% of the global bitcoin mining machine marketshare in 1H19, while Bitmain took up 64.5%. 

About Author

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.