Canaan Creatives, the world’s second-largest bitcoin mining chipmaker, has raised ‘hundreds of millions of dollars’ in a new financing round.

STCN reported that the latest funding pushed Canaan’s worth to at least a billion dollar. According to a study published by the Hurun Research Institute, Canaan’s valuation was close to $2.98 billion by the end of Q2 2018. Nevertheless, the Beijing firm didn’t post financial reports of the fiscal year 2018, which made it difficult to assess its exact valuation, as well as its revenue.

Canaan didn’t reveal how it would plan to utilize the funds. STCN reported that it had knowledge of the matter because of anonymous sources inside Canaan. Therefore, it was difficult to estimate the nature and the purpose of Canaan’s private funding round.

Surviving the Bleed

The funding round follows Canaan’s plans to go public in the US, as CCN reported. Earlier, the Beijing firm had shelved its ideas for a Hong Kong initial public offering. According to people close to the matter, Canaan was looking to raise about $1 billion, but the Hong Kong Stock Exchange (HKSE) was reluctant to approve a crypto firm’s IPO. The listing, which received sponsorship from Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG, and CMB International Capital Ltd., lapsed in November 2018.

The situation was similar across other bitcoin mining-based companies. Bitmain, the world’s leading crypto mining chipmaker, also attempted to go public in Hong Kong. But like Canaan, the firm’s listing too succumbed to the HKSE’s dismissal.

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