Chinese bitcoin mining rig manufacturer Canaan Creative will be listed in the U.S. next month, according to sources close to the situation. 

In July Canaan, one of the world’s largest crypto mining rig manufacturers filed an application for an initial public offering (IPO) with the United States Securities & Exchange Commission (SEC). An anonymous source told Chinese news outlet 8BTC that the company, valued at $1.5 billion, is looking to issue 1.26 billion shares to be closed on Oct. 20. 

The source revealed that Canaan completed all of the procedural work for the IPO earlier in the month and that its valuation is expected to increase to $2 – $3 billion following institutional inquiry.

Despite rival miner manufacturer Bitmain failing to execute on its own IPO, Canaan executives remain confident that their issuance will go smoothly. Kong Jianping, co-lead director of Canaan, commented on a positive relationship with the SEC and said the US regulatory body has a good understanding of cryptocurrency and blockchain. 

In addition, Canaan reports strong demand for mining rigs despite the slump in pricing for bitcoin over the last month. Chen Feng, sales director at Canaan, told 8BTC the company had received letters of intent for more than 500,000 units of its latest A10 and A11 mining rigs and expects that number to surpass one million by the end of next year.

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