Bitcoin mining company Canaan Inc. ( listed on Nasdaq ) has successfully raised 72 million USD from BH Digital ( belonging to Brevan Howard ), Galaxy Digital, and Weiss Asset Management.
The investment was made through the issuance and sale of approximately 63.7 million American Depositary Shares (ADS) at a price of 1.131 USD per share, without any warrants or derivative instruments.
According to CEO Truong Nam Canh, this is an “important milestone” that helps Canaan strengthen its financial position, reduce dependence on future fundraising rounds, and invest in large-scale energy-infrastructure – computing. The deal is expected to be completed on November 6.
Canaan, established in 2013, specializes in designing high-performance computing chips and manufacturing Bitcoin mining machines. Recently, the company signed a contract to supply equipment to a major power corporation in Japan and an order of over 50,000 Avalon A15 Pro machines for a partner in the United States.
Canaan stock (CAN) fell 14.6% to 1.11 USD at the end of Tuesday's session, losing 19% over the past 5 days and 50% since the beginning of the year. Other Bitcoin mining stocks like Hut 8 and Mara Holdings also dropped by 12.5% and 6.7%, respectively.
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