Crypto Mining Canaan Raises Hundreds of Million Dollars

By Anne W. | March 13, 2019
Crypto Mining Canaan Raises Hundreds of Million Dollars

As Securities Times reported on 11th March, Canaan Creative, the Avalon line of mining devices makers, has raised hundreds million U.S. dollars in a new funding round, which values the firm at over $1 billion. However, until now the company declines to make any public disclosure.

Back to November last year, its initial public offering (IPO) request wasn’t successful and became inactive on the Hong Kong Stock Exchange (HKEX), which leads to the plan for another IPO application in New York later this January.

This has had an impact on the company in products sales because while two major rivals, Bitmain and Ebang, both filed for IPOs in September and June 2018, Canaan got decline in the overall cryptocurrency market in the second half of 2018.

However, by the end of last December, Ebang experienced “significant decreases in revenue and gross profit” for Q3 2018. Also, Bitmain announced losing about $500 million in an updated record with HKEX as part of the IPO application. Unless Bitman get the hearing by March 26, six months after the initial filing, its IPO application will be declined too.

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