The Chinese mining giant Canaan Creative apparently wants to expand its antennas in the United States. The cryptography company has applied for an initial public offering in the United States. Soon, you will be able to buy shares of Canaan Creative under the symbol CAN.
Crypto mining becomes part of the stock market portfolio
Canaan Creative filed an IPO application with US regulator SEC on October 28th. To achieve this goal, the company has to collect about 400 million dollars. The letter states: "Our visionary management team has a clear strategy to commercialize supercomputing technology.In January 2013, our President and CEO, Nangeng Zhang, and his team invented and delivered one of the first Cryptocurrency Extraction Machines with ASIC Technology We initially focused our research and development efforts on ASIC applications for bitcoin extraction, which rapidly increased our expertise in ASIC design. "
Crypto fans could soon invest passively in the mines
According to Frost & Sullivan, the company is expected to be the second largest developer and manufacturer of Bitcoin mining equipment in the world, at least as far as computing power is concerned. Canaan achieved total revenues of $ 394 million in 2018. Net income was $ 3.8 million. However, the company also recorded a loss of $ 45.8 million in 2019.
If the SEC approves the plans of the Chinese mining supplier, it will soon be possible to invest passively in digital currencies via new Bitcoin shares. Canaan considers itself competent enough to take part in the great IPO: "We believe that the following assets contribute to our success and distinguish us from our competitors.We are a leading provider of supercomputing solutions. (…) We were the first in the industry to offer advanced Risc-V commercial computing chips and self-developed neural network accelerators with outstanding performance. "
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