The Singapore-based bitcoin mining rig producer Canaan (Nasdaq: CAN) closed a $72 million direct offering Friday with institutional investors from Brevan Howard, Galaxy Digital, and Weiss Asset Management.
The mining rig company sold 63.66 million ADSs, each representing 15 Class A ordinary shares, at a price of $1.131 per ADS. The offering was announced on Nov. 4, 2025.
Canaan said it intends to use the proceeds to fund the acquisition and development of data center sites and facilities in North America, expand its Bitcoin mining machine production capacity, and support deployment of digital mining sites and equipment sales.
The deal follows Canaan’s at-the-market offering for about 4.84 million ADSs at an average price of $1.61 per ADS, generating approximately $7.8 million in gross proceeds. Canaan said it will pause further ATM sales through the end of 2025.
The institutional offering comes after securing a contract to deploy 4.5 megawatts Canaan mining servers with a major Japanese utility company. The servers will be used for real-time grid balancing and energy optimization.
The stock is down 13% over the last five days.
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Brevan Howard, Galaxy Digital, and Weiss Asset Management join $72 million investment in Bitcoin miner Canaan
Published 20 hours ago
Nov 7, 2025 at 4:38 PM
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