Bitcoin Mining Agency Canaan Raises Funds in ‘Hundred Million {Dollars}’

Canaan Inventive, the maker of Avalon miners and one of many greatest cryptocurrency mining tools producers in China, has closed a brand new funding spherical.

Securities Instances, a Chinese language monetary information publication, reported on Monday that the corporate has raised “a number of hundred million U.S. {dollars}” in a brand new funding spherical, which can worth the agency at over $1 billion.

When reached out for remark, a spokesperson for Canaan declined to touch upon the difficulty or questions relating to the precise quantity or which buyers participated within the spherical.

The information comes months after Canaan’s utility for an preliminary public providing (IPO) on the Hong Kong Inventory Trade failed to advance to a list listening to and subsequently turned invalid. It was reported in January that the agency was planning one other IPO utility to go public in New York.

The fund increase additionally adopted a steady decline of the general cryptocurrency market because the second half of 2018, which has had an influence on crypto mining tools makers when it comes to their product gross sales.

As an illustration, Canaan’s two main rivals Bitmain and Ebang each filed for IPOs in September and June 2018 respectively. Nevertheless, in a renewed submitting on the finish of December, Ebang disclosed that it skilled “important decreases in income and gross revenue” for Q3 2018.

Equally, Bitmain additionally posted about $500 million loss in an up to date monetary report filed with the Hong Kong Inventory Trade as a part of its IPO utility. If Bitmain doesn't graduate to a list listening to by March 26, six months from the preliminary submitting, its IPO utility will lapse.

Avalon miner picture through CoinDesk archive

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