The Chinese cryptocurrency firm Canaan Creative has recently made a filing in order to become a publicly traded company in the USA. The mining giant released this news on October 28. In their initial public offering (IPO) with the United States Securities and Exchange Commission, they stated that they planned to raise $400 million through the IPO. They wish to be listed on the NASDAQ under the CAN ticker code.

Canaan Creative had filed a $200 million draft request for an IPO with the Securities and Exchange Commission in July, and their formal form was completed on October 28. It was also released to the public. If their IPO is successful, Canaan Creative could be the first Chinese mining firm that is publicly traded in the United States. It is one of the top three Chinese cryptocurrency mining companies. The other two are Bitmain and Yibang International.

Bitmain has already filed to list an IPO with the Securities and Exchange Commission. They did this in June. It happened after the expiration date of their IPO listing application for the Hong Kong Stock Exchange. That application expired in March.

In the Securities and Exchange Commission filing, Canaan stated that it earned $394 million in revenue for the 2018 fiscal year. The net income was $8.3 million. However, the manufacturing and designing firm of the Bitcoin mining machines stated that there was a total income loss of about $46 million in 2019 thus far.

The biggest competitor of Canaan is Bitmain. It opened what it says is the world's biggest facility for Bitcoin mining, which is located in Rockdale, Texas. The center was finished with the aid of a collaboration of the Rockdale Municipal Development District and DMG Blockchain Solutions, which is a Canadian technology business.

Rockdale's lead project manager for Bitmain, Clinton Brown, stated that the launch of the facility is a big part of Bitmain's plans to expand on a global basis. He also said that the state's energy resources are stable and efficient, which is a fundamental support to scaling up the cryptocurrency mining industry in the short-term future.