Canaan Creative Secures ‘Several Hundred Million’ in Funding

Bitcoin miner producer Canaan Creative has raised “a number of hundred million US {dollars}” in a recent funding spherical.

As per a March 11 report by the Chinese monetary information company Securities Times, the influx of money has raised the valuation of the Chinese firm to over a billion.

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Canaan is the second largest Bitcoin mining {hardware} producer on the earth following Bitmain. The firm sells Avalon-branded high-performance ASIC-based mining machines for Bitcoin mining, that are designed and manufactured by the agency itself.

Canaan’s Saga for IPO Attempts

Similar to its market competitions, the Chinese firm was additionally pushing for an preliminary public providing (IPO) on the Hong Kong Stock Exchange (HKEX). However, its utility lapsed because it failed to succeed in for a list listening to inside six months.

Despite the failed try in Hong Kong, in January, reviews surfaced that the miner-manufacturer was planning to go public within the United States market via a New York-based inventory change.

Hong Kong and New York weren’t the primary markets the Hangzhou-based agency thought of to go public because it had earlier tried to record itself in a number of exchanges in China.

In 2016, it tried to achieve a list in China’s yuan-denominated A-share market by shopping for Shandong-based electrical tools maker Luyitong. However, the plan went awry because the regulators raised questions on the valuation of the deal.

That adopted Canaan’s try for itemizing in China’s “New Third Board” market, which primarily caters to startups with its much less stringent itemizing necessities. That additionally failed, however the firm didn’t reveal the explanations publically.

The Bear Market is Impacting the Mining Business

Canaan’s funding got here at a time when the push for crypto mining cooled off with the slumping costs of the digital cash. Last month, it was revealed that Bitmain endured a lack of $500 million within the third quarter of 2018, primarily based on some private and non-private monetary reviews of the agency.

Another Chinese Bitcoin miner producer, Ebang Communications, in its IPO refilling at HKEX reported “important decreases in income and gross revenue” for Q3 2018.

Both Bitmain and Ebang’s itemizing purposes are pending with the Hong Kong-based inventory change. However, the deadline for a list listening to for the market chief is approaching on March 26, after which its utility will lapse.

Meanwhile, final month, one in every of Canaan’s co-founders stepped down from his place as a board member amid disagreements over the corporate’s future.

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David is the founder of The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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