Canaan, the world’s second largest bitcoin mining machine manufacturer, was listed as a publicly traded company in the U.S. Jessica Yang, executive vice president of Bitmart, a licensed global digital asset exchange, attended the NASDAQ bell ringing ceremony.
In July 2019, Canaan reportedly filed an application for an initial public offering [IPO] with the U.S. Securities and Exchange Commission [SEC]. So far, Canaan has finished all of the procedures of an IPO and its valuation was estimated 90 million with $9 per share.
According to Canaan, the fund will be mainly used for research and development of ASIC related AI algorithm and application, the global expansion of AI and blockchain business, the optimization of supply chain, and the repayment of debts arising from restructuring.
The company achieved revenue of RMB 48 million, RMB 316 million and RMB 1.308 billion in 2015, 2016 and 2017 respectively. As of June 30, 2019, Canaan became the world’s second largest bitcoin mining machine manufacturer. Over the same period, Canan sold 22% of all bitcoin mining machines worldwide.
Jessica Yang Executive Vice President of Bitmart said,
“The listing of Canaan is a benchmark in the blockchain industry. With the official listing on the NASDAQ, the secondary market is full of confidence in the valuation of Canaan.”
So far, Canaan has made significant progress in business, the market is very active in the subscription of Canaan stock.
BitMart is a premier global digital asset trading platform in the cryptocurrency market with over 900,000 users worldwide and ranks among the top 5 crypto exchanges on CoinMarketCap. BitMart currently offers 262 trading pairs with relatively low trading fees in the market.