Chinese Bitcoin Mining Firm Canaan Acquired for $422 Million

Chinese Bitcoin Mining Firm Canaan Acquired for $422 Million


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Chinese bitcoin mining firm Canaan Creative (more commonly known by its brand Avalon), is being acquired for a reportedly princely sum of ¥3.06bn, approximately $466 million.

It makes for a notable business deal in the bitcoin mining industry, perhaps the most notable yet. Beijing-based Canaan Creative, known for its bitcoin mining chip brand Avalon is being acquired for a reported ¥3.06bn (approximately $466 million) in what clearly sets a milestone as the biggest acquisition in the industry to date.

Canaan Creative will be acquired as a whole by electronics manufacturer Shandong Luyitong (LYT), in a cash and stock deal, according to rumors.

N.G. Zhang, Founder and CEO of Canaan Creative confirmed the speculation on the firm’s website, stating:

Yes, it is true. Canaan is being acquired by LYT, an electronics company. This deal is a vote of confidence in the three years of products and services we invented and released.

This

Read more ... source: TheBitcoinNews

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