17.01.2021

Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO

The Hangzhou, China-based manufacturer of the Avalon bitcoin miner updated its IPO application with the U.S. Securities and Exchange Commission (SEC) on Wednesday. It’s aiming to offer 10 million American depositary shares (ADS) with each at a price of between $9 and $11.

Canaan, the world’s second-largest bitcoin miner maker, intends to raise about $100 million in its initial public offering (IPO) in the U.S.

If Canaan receives enough investment interest, the offering would rake in $100 million, making it the first major bitcoin miner maker to go public in the traditional stock market.

With that offering size, it would also mean Canaan commands a diluted market value of about $1.5 billion with about 2.3 billion outstanding ordinary shares after the offering. Each ADS would represent 15 Class A ordinary shares of Canaan, according to the updated filing.

In Canaan’s initial IPO filing from late October, the company set a placeholder amount of $400 million for its IPO ambitions. The latest figure may still be revised prior to its final listing.

Previously, Canaan revealed on Nov. 5 that it brought home a profit of $13 million on revenues of $95 million for the third quarter of 2019. It reported a net loss of $45 million for the first half of 2019.

Bitcoin News Summary – April 15, 2019

Here’s what happened this week in Bitcoin in 99 seconds.

We reported previously that Electrum Bitcoin wallets were under phishing attack, and recommended that users update to the latest version only via the official Electrum dot org website. This has now escalated to a Denial of Service attack from over 25,000 IP addresses, aimed at disrupting connections between user wallets and legitimate Electrum servers. Users are urged to disable auto-connection to random servers and to instead set a trusted server.

We get many questions about debit cards so we’re sure viewers will be interested to learn that Coinbase announced a new crypto debit card. Called “Coinbase Card,” this new offering allows UK clients spend crypto from their Coinbase account anywhere that accepts Visa. Users will also be able to withdraw cash from ATMs using the card. Coinbase plans to expand support to the European Union within several months.

Christine Lagarde, Managing Director of the International Monetary Fund, admitted that disruptive technologies are impacting regular banking. Addressing cryptocurrency specifically, Lagarde said that it’s “clearly shaking the system.” She stressed the need for a balance between innovation and regulation in order to maintain stability.

And finally, the publicized relaying of funds over Lightning between well-known people in the crypto space concluded this week after reaching the staff of Bitcoin Venezuela. The bitcoin amount will now be put to charitable use in the country, which is still in dire economic straits.

That’s what happened this week in Bitcoin. See you next week.

coindesk.com

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