Canaan Secures $72M to Scale U.S. Bitcoin Mining Operations
Canaan Inc. has raised $72 million in a registered direct offering led by Brevan Howard Digital, with participation from Galaxy Digital and Weiss Asset Management. Investors purchased 63.7 million American Depositary Shares at $1.13 each, strengthening the balance sheet and reducing reliance on at-the-market offerings. After discontinuing AI hardware in June, Canaan is refocusing on core Bitcoin mining infrastructure, deploying capital to expand its 9.3 EH/s capacity across eight data centers. A record U.S. order for 50,000 Apollo miners drove Canaan’s ADS up nearly 9% and supports plans to scale U.S. production.
Bullish
The $72 million equity injection and a 50,000-rig U.S. order signal strong demand and financial stability, likely boosting Canaan’s stock and underlying BTC exposure in the short term. Strengthened balance sheet and reduced dilution risk improve long-term production scaling, reinforcing confidence in sustained mining capacity growth and potential profit margins.