Mining giant Canaan reportedly completes multi-billion dollar financing

Translator: Sally from the CoinPlayer

Chinese cryptocurrency mining company Canaan Creative Group has completed a multi-million dollar funding round, local financial news outlet Securities Times reported on March 11.

Canaan has not officially confirmed the report, which is rumoured to have raised an undisclosed amount of funding from as-yet-unknown investors.

The New York Times cited "people familiar with the matter" as saying the size of the investment is in the hundreds of millions of dollars, while the company's current market value is reportedly in the billions of dollars.

“From a market capitalization perspective, Canaan’s valuation is in the billions of dollars following this round of financing,” the outlet added, again without disclosing specific figures.

The capital injection comes at a good time for the cryptocurrency mining industry. As Cointelegraph reported in November last year, the ongoing Bitcoin (BTC) bear market has caused the market to suffer quite a bit, led by its Chinese counterpart.

Starting from November last year, Bitmain began to scale down its business, withdrawing from some regions and laying off some employees.

Both Bitmain and Canaan have attempted and failed to conduct initial public offerings (IPOs) in Hong Kong, and then there were reports that Canaan may conduct an IPO in New York in the second quarter of 2019.