Crypto Mining Giant Canaan Raises $90M in IPO, Trading at Bottom Price Range

Canaan Creative, computer hardware manufacturer specialized in crypto mining hardware, priced its Nasdaq initial public offering (IPO) at the lowest of its marketed range, and was able to raise $90 million.

On Wednesday, the developer of Bitcoin(BTC)trade mining machines based in Hangzhou, China, crossed the 10 million mark in sales of American depository shares that went up for $9 per share (CAN). In the market, the shares offers ranged from $9 to $11, as the company reported to the US Securities and Exchange Commission (SEC) , ultimately landing at the bottom border of the price range.

Canaan Creative had previously expected to raise over $400 million when filing for its first United States IPO, back in October. The company lost its leading underwriter, as stated in the Securities and Exchange Commissions files, prior to the deal being launched. Credit Suisse Group AG, international financial services group and the former underwriter for Canaan’s IPO, left after the companies determined to scale back the offering.

This year, companies had huge success in initial public offerings. From China and Hong Kong alone, this year 28 companies based in the region were able to raise $3.25 billion in US IPOs through Tuesday. Last year, according to data analyzed by Bloomberg, only half of that was collected during the same period.

Despite the high amounts of capital raised in IPOs this year, listings had fallen by 6.6% on basis of average weight. However, the listings in United States alone have increased by 6.5% and S&P/BNY Mellon China ADR Index was observed to have been increased by 14%.

Failed to be Listed in a Hong Kong IPO Due to Decline in Bitcoin Price

Canaan Creative had also filed to be listed in a Hong Kong’s initial public offering, but later the region’s exchange implied that the city was not ready yet for cryptocurrency and blockchain businesses to be enlisted on public platforms on the Asian financial hub.

Bitcoin’s value has decreased by over a half of…

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