Crypto Miner Maker Canaan Raises Cash in ‘Several Hundred Million Dollars’

Canaan Inventive, the maker of Avalon miners and a single of the largest cryptocurrency mining tools manufacturers in China, has closed a new funding round.

Securities Times, a Chinese monetary information publication, noted on Monday that the enterprise has elevated “several hundred million U.S. dollars” in a new funding round, which will value the business at above $1 billion.

When attained out for comment, a spokesperson for Canaan declined to comment on the difficulty or inquiries relating to the actual total or which traders participated in the round.

The information will come months soon after Canaan’s application for an initial general public supplying (IPO) on the Hong Kong Stock Exchange unsuccessful to progress to a listing hearing and subsequently became invalid. It was noted in January that the business was scheduling another IPO application to go general public in New York.

The fund elevate also followed a steady decline of the general cryptocurrency marketplace due to the fact the next 50 percent of 2018, which has had an influence on crypto mining tools makers in conditions of their item profits.

For occasion, Canaan’s two main rivals Bitmain and Ebang equally filed for IPOs in September and June 2018 respectively. On the other hand, in a renewed submitting at the finish of December, Ebang disclosed that it knowledgeable “significant decreases in profits and gross profit” for Q3 2018.

Likewise, Bitmain also posted about $500 million decline in an updated monetary history filed with the Hong Kong Stock Exchange as aspect of its IPO application. If Bitmain does not graduate to a listing hearing by March 26, 6 months from the initial submitting, its IPO application will lapse.

Avalon miner impression by way of Bit-coinTalk archive


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