Maker of First Bitcoin Mining ASIC Acquired in What Could Be Industry's Largest Sale
The China-based company behind the first bitcoin mining ASIC has been acquired, though the exact details of the sale vary.
Canaan Creative, the company that produces the Avalon chip series, confirmed its acquisition by Shandong Luyitong Intelligent Electric PLC today in an email to CoinDesk. Shandong Luyitong is an electronics firm founded in 2003, and that is publicly listed on the Shenzhen Stock Exchange.
As for the exact amount paid in the acquisition, initial statements from parties involved or close to the deal indicate it could be the largest-ever exit for bitcoin startup.
According to news source Ifeng.com, Shandong Luyitong paid ¥3.06bn (roughly $466m) in stock purchases and cash to acquire 100% ownership of the firm. Further, it said Shandong Luyitong is planning a private share offering in conjunction with the sale, looking to sell as many as 6.79 billion shares at a price of ¥24.57 per share.
http://www.coindesk.com/bitcoin-mining-asic-acquired-avalon/
