Chinese-based Crypto Mining Firm, Canaan Creative, to Launch IPO on November 20 via Nasdaq

Rumors emerged in July that Bitmain’s biggest competition, Chinese Bitcoin mining firm, Canaan, was planning an IPO in Q4 2019. The date of opening is rumored to be on November 20 following a bright year for the company.

The second-largest manufacturer of ASIC miners after Bitmain, Canaan Creatives planed public shares launch set for Nov. 20. According to the IPO filing with the Securities Exchange Commission, the company expects to offer its shares in the U.S securities market, NASDAQ, underwritten by major traditional financial institutions including Citi Group, Credit Suisse, CMBI, China Renaissance and Galaxy Digital Advisors among others.

In a post on TheBlock, the opening bell is set for Nov. 20 with a target of $400 million USD worth of shares set to be released on the market. The class A depository shares are expected to start at a par value of US$0.00000005 per share.

According to the filing, the creator of Avalon Bitcoin miner recorded over $13 million USD in profit during Q3 this year. With the company growing steadily and an IPO filing in the works this month, Bitmain’s long-dominance in the mining industry may soon be challenged.

A recent feud between the two co-founders of Bitmain, Jihan Wu and Micree Zhan, has left the overall outlook in Bitmain’s panned IPO sour on investors’ end.