Chinese bitcoin mining machine maker Canaan files for US IPO after abandoning Hong Kong listing earlier

Canaan, the world’s second-largest maker of bitcoin mining machines, has filed for a US initial public offering.

The Hangzhou, China-based company listed its offering size as US$400 million in its filing Monday with the US Securities and Exchange Commission. The amount is typically a place holder that is likely to change.

Canaan attempted a Hong Kong listing last year before letting its application lapse in November. The South China Morning Post has reported that the city’s exchange and regulators consider IPOs by cryptocurrency companies to be “premature.” Canaan had planned to seek as much as US$1 billion in the share sale, people with knowledge of the matter said at the time.

The company reported a net loss of US$48.2 million in the six months ended June 30, compared with a profit of 216.8 million yuan (US$30.6 million) during the same period last year.

The price of bitcoin has halved since its 2017 peak to slightly more than US$9,400 Monday. Bitmain Technologies, leading crypto mining firm and Canaan’s biggest rival, is also considering a US IPO, Bloomberg reported in June.

The offering is being led by Credit Suisse Group, Citigroup, China Renaissance Holdings and CMB International Capital. Canaan is planning to list its shares on the Nasdaq Global Market under the symbol CAN.