Share this article
Avalon Miner Maker Canaan Raises ‘Hundreds of Millions’ in New Funding
Canaan Creative, the maker of Avalon miners, has closed a significant funding round, valuing the firm at over $1 billion, according to a report.
By Wolfie Zhao
Updated Sep 13, 2021, 8:58 a.m. Published Mar 12, 2019, 7:00 a.m.
Canaan Creative, one of the biggest cryptocurrency mining equipment manufacturers in China, has closed a new funding round.
Securities Times, a Chinese financial news publication, reported Monday that the company, known for its Avalon line of mining devices, has raised "several hundred million U.S. dollars," valuing the firm at over $1 billion. When contacted by CoinDesk, the firm declined to comment. However, two sources close to the company confirmed the raise without disclosing further details.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The news comes months after Canaan's application for an initial public offering (IPO) on the Hong Kong Stock Exchange failed to advance to a listing hearing and subsequently became invalid. It was reported in January that the firm might be planning another IPO application in New York.
The funding effort also comes amid the decline in the overall cryptocurrency market, especially over the second half of 2018, which has had an impact on crypto mining equipment makers in terms of product sales.
For instance, Canaan's two major rivals, Bitmain and Ebang, both filed for IPOs in September and June 2018 respectively.
However, in a renewed filing at the end of December, Ebang disclosed that it experienced "significant decreases in revenue and gross profit" for Q3 2018. Similarly, Bitmain also posted about $500 million loss in an updated financial record filed with the Hong Kong Stock Exchange as part of its IPO application.
If Bitmain does not graduate to a listing hearing by March 26, six months after the initial filing, its IPO application too will lapse.
Avalon miner image via CoinDesk archive
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Tom Lee responds to controversy surrounding Fundstrat’s differing bitcoin outlooks
A debate on X over seemingly conflicting bitcoin forecasts from Fundstrat analysts drew a response from Tom Lee, highlighting differing mandates and time horizons.
What to know:
- X users flagged what appeared to be conflicting bitcoin outlooks from Fundstrat’s Tom Lee and Sean Farrell.
- Lee endorsed a post arguing the views reflect different mandates and time horizons, not internal disagreement.
- The episode highlights how public commentary can blur distinctions between short-term risk management and long-term macro views.
Top Stories
