Canaan Creative, one of the world’s largest bitcoin mining machine manufacturers, will be listed in the U.S. in mid-November, people with knowledge of the matter disclosed.

According to the source, the AvalonMiner producer, with a valuation of $1.5 billion, is planning to issue 1.26 billion shares, which have been available for subscription on Oct.6 and will be closed on October 20. 8btc has reached out to Canaan but the company refused to comment on that.

This July, Canaan has secretly filed an application for an initial public offering to the U.S.S Securities and Exchange Commission (SEC). People close to the company recently told 8btc that the company had gone through all the procedures of IPO in the past few weeks, and that its valuation was in the range of $2 billion to 3 billion depending on the inquiry results of investment institutions.

If it proves to be true, the company’s three-year efforts in seeking public will finally pay off and be the first of China’s big three mining machine giants (Bitmain, Canaan and Ebang) to go public in the traditional capital market.

Kong Jianping, co-lead director of Canaan, said weeks ago that the SEC has a very good understanding of blockchain and cryptocurrency and it is possible for compliant companies working in this area to go public in the U.S. soil.

Prior to it, Bitmain, Canaan and Ebang have all failed in their IPO attempts in Hong Kong. The trio’s U.S. IPO plans come as these bitcoin miner mega-sellers report soaring demand for crypto machines this year.

Chen Feng, Canaan’s sales director, disclosed to 8btc that they had received letters of intent demanding 500,000 units of its latest A10 and A11 miners and the number was expected to surpass 1 million in 2020.

Founded in 2013, Hangzhou-based Canaan is known for producing China’s first bitcoin mining machine – Avalon miner, which features customized super-fast ASIC chips and marks the end of computer mining.

According to the financial figures included in its failed Hong Kong IPO filing, the gross profit of Canaan in 2015, 2016, and 2017 were 13.88 million yuan (roughly $2 million), 132 million yuan ($19 million), and 604 million yuan ($88 million) respectively.

In 2017, the company reported to ship out 294,500 bitcoin mining machines worldwide, accounting for 20.9% of the global market share. With 19.5 per cent of the global hashrate, it becomes the world’s second-largest producer of cryptocurrency miners.

In 2018, the company took the lead in launching the world’s first 7nm bitcoin ASIC. According to Shao Jianliang, head of blockchain business of Canaan, the company raked in over 4 billion yuan ($561 million) in miner sales during 2018.

Canaan’s road to an IPO is full of twists and turns. The company had tried to list on Shenzhen Stock Exchange via a back-door listing in 2016, but the plan was canceled after failing to satisfy the regulatory requirements; In August 2017, the company submitted a listing application to the NEEQ, but ultimately it retreat from the domestic market under an unfriendly policy environment in March 2018; Soon in May, Canaan made a comeback targeting the Hong Kong market, but it let its IPO application lapse six months later. This July, Canaan was reported to have secretly filed an application for an initial public offering to the U.S.S Securities and Exchange Commission (SEC).