Canaan Creative Drops IPO Target
Canaan Creative has updated their terms regarding publicly listed shares with the US Stock Exchange. The Bitcoin Miner Manufacturer contacts the Securities and Exchange Commission to update their filings. Originating from China, this hardware giant is issuing out 10 million shares onto the US Stock Market. Each stock is estimated to cost $9.00 to 11.00 American Dollars. Before any international corporation can list their stocks on the US Market, equity shares must be denominated for ADS Purchases. All ADS shares maintained by Canaan Creative will be listed in the Class A Category. All information regarding this miners IPO came from their official listings with SEC.
This price will allow for Canaan Creative to earn a maximum of $100 Million through their initial public offering, which is contingent on the IPO being an American Depository Shares. This news shocked the market, as prior listings for this public offering estimated that Canaan Creative would earn $400 Million. Subsequently, the updated marker value for this blockchain firm is $1.6 Billion. Their enterprise valuation is officially listed at $1.4 Billion.
This update for American traders came with the release of Canaan’s most recent financial results, which is required for a monthly publication by the Securities Exchange Commission. Their financial reports noted that this bitcoin mining corporation earned $13 Million in profits during Q3. The sales figures continued to grow after the mining market began to rebound in Mid-2019. However, competition could arrive in the first quarter of 2020 with BitMain filing their initial public offering with SEC.
This wouldn’t be the first time that Canaan and BitMain have battled it out through global stock exchanges. Their attempts to dethrone one another has resulted in multiple failures with IPO Launches on the Hong Kong Stock Exchange. Canaan tends to lose their battles, with the corporation being the second-largest miner of Bitcoin worldwide and BitMain being the first. They’re also known for maintaining Avalon ASIC Mining Machines, which allows for clientele to mine their bitcoins over time. Last year, BitMain held majority market share at 64.5%. Canaan maintained 23.3% in comparison.