Chinese Mining Giant Canaan to Go Public in US in November: Sources

Chinese crypto mining giant Canaan Creative plans to list as a publicly traded company in the United States in November 2019, according to an unconfirmed report.

Canaan to issue 1.26 billion shares

Canaan Creative, which reportedly filed a $200 million initial public offering (IPO) request with the U.S. regulators in July, will issue 1.26 billion shares which will be closed on Oct. 20, Chinese crypto outlet 8BTC reported Oct. 10, citing “people with knowledge of the matter.”

The firm reportedly declined to comment on the news to 8BTC at the time of publication.

Additionally, the company has allegedly completed all preliminary procedures for its IPO and is planning to reach a valuation from $2 billion to $3 billion, the report notes.

One of three Chinese mining giants

As reported, Canaan is one of the three major Chinese crypto mining companies alongside Bitmain and Yibang International. If successful, Canaan could become the first China-based mining firm to launch public trading in the U.S. Canaan’s major competitor, Bitmain, reportedly filed to list an IPO with the U.S. Security and Exchange Commission in June 2019, following the expiration of its IPO listing application with the Hong Kong Stock Exchange in March.

According to 8BTC, Canaan co-chairman Jianping Kong claimed weeks ago that the SEC has a very good understanding of blockchain and cryptocurrency, noting a significant potential for compliant industry firms to go public in the U.S.