Avalon Bitcoin Miner Maker Canaan Posts $13 Million Q3 Profit in New Filing
Canaan, the world's second-largest bitcoin miner maker, has posted $13 million Q3 profit in its latest US IPO filing update.
Shares of Canaan Creative, one of the few publicly traded crypto miner manufacturers, fell below $2 Monday, their lowest after going public last year.
The Chinese bitcoin miner manufacturer has disclosed it made a net loss of $148.6 million for 2019 on a revenue of $204.3 million.
Canaan shares are down 23% in August.
Bitcoin’s recent price drop has caught many investors off guard. However, a key metric showing worry among the miners gave a warning several weeks ago.
Canaan, the world's second-largest bitcoin miner maker, is aiming to raise $100 million with its initial public offering.