Canaan Creative, one of China's largest manufacturers of mining devices, has recently raised hundreds of millions of dollars in its latest funding round, the local newspaper Securities Times reported yesterday.
Although the company has not publicly shared this information, several sources familiar with the situation confirmed that the company's valuation has increased significantly since this last funding round, reaching over $1 billion.
The company has celebrated this new fundraising few months after its application for an initial public offering (IPO) on the Hong Kong Stock Exchange was delayed.
Canaan's main rivals, Bitmain and Ebang, have recently filed their own IPO applications as well.
Mining devices manufactures have seen their gains decline amid the current bearish trend in the crypto market.
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