Canaan Creative, one of the world’s largest bitcoin mining machine manufacturer, has already filed an application for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC), people with knowledge of the matter disclosed.

According to the source, the Avalon miner maker has secretly filed its plans for an IPO with the SEC in which the company reportedly aims to raise $200 million. It makes Canaan the first of China’s big three mining machine giants to step forward for its U.S. float. 8btc has reached out to Canaan, but the company made no comment on the move.

The filing confirmed a January report from Bloomberg that the company was considering an IPO in the U.S. soil. The move comes weeks after Canaan’s rival bitcoin miner makers Bitmain and Ebang were also reportedly seeking to go public in the U.S., with the former aiming to raise $300 million – $400 million in the U.S. share sale. 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 mining machines amid bitcoin rally running since this April, while it is still unknown whether this kind of business will be wanted in the U.S. capital market after the hesitation from Hong Kong.

Based on the financial figures included in its Hong Kong IPO filing, the gross profit of Canaan Inc 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.

Financial figures of Canaan shown in the company’s prospectus in its Hong Kong IPO filing 

Founded in 2013, Hangzhou-based Canaan is known for producing China’s first bitcoin mining machine – Avalon, which features customized super-fast ASIC chips and marks the end of computer mining. In its recent funding round, the company reportedly raised several hundred million dollars with its valuation standing at several billion dollars. According to the Hurun Greater China Unicorn Index 2018 released this January, Canaan was valued at 15 billion yuan (roughly $2.2 billion).

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.