Canaan raises $72 million from top investors including Brevan Howard and Galaxy Digital

Bitcoin mining firm Canaan Inc. announced it has secured a $72 million strategic investment structured as equity purchases from BH Digital (a division of Brevan Howard), Galaxy Digital, and Weiss Asset Management. The deal involves issuing 63.7 million American depositary shares (ADSs) at $1.131 per ADS, with no warrants or derivatives issued. CEO Nangeng Zhang stated the investment reflects growing global investor confidence. Canaan plans to use the proceeds to strengthen its financial position, reduce future capital raising needs, and fund utility-grade computing and energy infrastructure projects. The transaction is expected to close on November 6th. This funding comes as Canaan recently secured deals to supply mining rigs for a state-linked project in Japan and received a large order from a U.S. miner, despite its stock price declining recently.

(Source：The Block)