Keep the Faith! Innovation Over Acquisition

Canaan chooses innovation over acquisition.

Today, Canaan is announcing that we are choosing to focus on innovation and will not pursue the deal to be acquired by Chinese electronics manufacturer Luyitong (LYT). We take all opportunities seriously that will improve the strength of our company. And now, it is time we focus on growing our business.

Today’s choice proves that Canaan is a global innovator. While Canaan spent time and resources pulling together this deal, those efforts are not wasted. They are contributions to our future. Internally Canaan strengthened our management structure, refreshed our public image, and have our product pipelines flowing to deliver solid reliable and efficient bitcoin technology solutions worldwide.

Over the last few months we have been saying we are here to “grow the blockchain.” We have used fresh images of nature like outside of our office in Beijing to help motivate our team and customers to move beyond technology innovation and into the spirit of healthy growth. That is what Canaan needs. That is what we choose.

Like most of you, we “keep the faith” in bitcoin. We are committed to increasing the decentralization of bitcoin, continuing our push for open source software on our products, and improving confidence in bitcoin and blockchain technologies.

Canaan is now three years old. We are a 100 person team that has outlasted several competitors. We cannot stop pushing innovation forward or be distracted with anything less than bringing the best high quality products with the best service to the world.

I know most of you are asking, “When is your next AvalonMiner coming out?” You will hear from us very soon…