Avalon Miner Maker Canaan Raises ‘Hundreds of Millions’ in New Funding


Canaan Imaginative, 1 of the greatest cryptocurrency mining products producers in China, has shut a new funding spherical.

Securities Moments, a Chinese money information publication, described Monday that the enterprise, known for its Avalon line of mining units, has lifted “several hundred million U.S. pounds,” valuing the company at about $1 billion.

When contacted by Bit-coinTalk, the company declined to remark. Even so, two resources near to the enterprise verified the raise with no disclosing further particulars.

The information arrives months after Canaan’s application for an first community presenting (IPO) on the Hong Kong Stock Trade failed to progress to a listing listening to and subsequently turned invalid. It was described in January that the company may possibly be scheduling one more IPO application in New York.

The funding exertion also arrives amid the drop in the general cryptocurrency industry, particularly about the second fifty percent of 2018, which has experienced an influence on crypto mining products makers in phrases of product or service income.

For occasion, Canaan’s two main rivals, Bitmain and Ebang, both of those submitted for IPOs in September and June 2018 respectively.

Even so, in a renewed submitting at the close of December, Ebang disclosed that it experienced “significant decreases in profits and gross profit” for Q3 2018. In the same way, Bitmain also posted about $500 million reduction in an up to date money document submitted with the Hong Kong Stock Trade as aspect of its IPO application.

If Bitmain does not graduate to a listing listening to by March 26, six months after the first submitting, its IPO application much too will lapse.

Avalon miner impression via Bit-coinTalk archive

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