Avalon Miner Maker Canaan Raises ‘Hundreds of Millions’ in New Funding
Canaan Creative, the maker of Avalon miners, has closed a significant funding round, valuing the firm at over $1 billion, according to a report.
The Chinese bitcoin miner manufacturer has disclosed it made a net loss of $148.6 million for 2019 on a revenue of $204.3 million.
Bitcoin’s recent price drop has caught many investors off guard. However, a key metric showing worry among the miners gave a warning several weeks ago.
Shares of Canaan Creative, one of the few publicly traded crypto miner manufacturers, fell below $2 Monday, their lowest after going public last year.
Canaan, the world's second-largest bitcoin miner maker, is aiming to raise $100 million with its initial public offering.
Canaan, the world's second-largest bitcoin miner maker, has posted $13 million Q3 profit in its latest US IPO filing update.