Canaan, one of the biggest Bitcoin mining chip manufacturers, has closed another round of funding, Securities Times reports. The Chinese company raised “hundreds of millions of dollars,” according to a source. After this investment, Canaan is valued at over $1 billion.
Following the lapse of the company’s Hong Kong initial public offering application, Canaan reportedly abandoned the idea of listing its IPO in Hong Kong in favour of a U.S. listing. Due to disagreements, one of the co-founders Xiangfu Liu stepped down from his executive board member position on January 30.