ASIC manufacturer Canaan closes funding round, raises "hundreds of millions" dollars

Canaan, one of the biggest ASIC 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.