China-based bitcoin mining firm Canaan Creative acquired for $466m

Canaan Creative announced that it has agreed to sell its operations to LYT, an electronics company, for around $466 million.

LYT reportedly agreed to pay about two billion yuan in stocks and 1.06 billion yuan in cash, for a total price of 3.06 billion yuan (about $466.2 million) to acquire a 100% stake in Canaan.

“This deal is a vote of confidence in the three years of products and services we invented and released. From the first FPGA-based hardware the Icarus and Lancelot, continuing to the Avalon6 blockchain hardware miners, this acquisition and investment provides us the necessary resources and autonomy to make even better products and innovations that our customers expect,” said Canaan Creative founder and CEO NG Zhan.

Canaan Creative is a China-based bitcoin mining firm.