Bitcoin mining company Canaan raises $90 mn in US IPO

Canaan Inc., a maker of Bitcoin mining machines, raised $90 million after pricing its US initial public offering at the bottom of its marketed range.

The Hangzhou, China-based company sold 10 million American depository shares for $9 apiece on Wednesday, according to data compiled by Bloomberg. The shares had been marketed for $9 to $11, according to filings with the US Securities and Exchange Commission.

The firm, which initially filed to raise as much as $400 million in October, lost its lead underwriter, Credit Suisse Group AG, before the deal was launched, according to its filings.