Bitcoin miner Canaan secures $72 million strategic investment

Son Min

Summary

Canaan said it has secured a total strategic investment of $72 million.
The investment included BH Digital, Galaxy Digital, and Weiss Asset Management, and was conducted as a purchase of common stock.
Canaan said it plans to strengthen its financial structure and allocate funds to energy infrastructure projects through this investment.

Nasdaq-listed Bitcoin (BTC) mining company Canaan (Canaan Inc.) has attracted a total of $72 million in strategic investment.

On the 4th (local time), The Block reported that Canaan received a $72 million investment from BH Digital, Galaxy Digital (Galaxy Digital), and Weiss Asset Management (Weiss Asset Management). The investment is being made in the form of common stock purchases, and Canaan will issue and sell approximately 63.7 million American Depositary Shares (ADS) at $1.131 per share. No warrants, options, or derivatives were issued.

Nangeng Zhang, chairman of Canaan, said, "This investment is an important milestone demonstrating global institutional investors' confidence in Canaan's technology and long-term strategy," and added, "Institutional-held shares are expected to increase by approximately 63.7 million shares."

Canaan plans to use the funds to strengthen its financial structure, reduce reliance on future capital raising, and invest in large-scale computing and energy infrastructure projects to improve power efficiency and increase revenue visibility. The transaction is expected to be completed on November 6, pending fulfillment of conditions.

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