Canaan Attracts Institutional Confidence

According to Canaan (Nasdaq: CAN), the investment was made through the purchase of about 63.7 million American depositary shares (ADSs) at $1.131 per ADS, with no warrants, options, or derivatives involved.

Each ADS represents 15 Class A ordinary shares of the company. The deal represents a straight equity investment designed to strengthen Canaan’s financial position and reduce reliance on future dilutive fundraising.

The news follows the company securing the largest miner order in three years, with a U.S. customer purchasing over 50,000 Avalon A15 Pro mining machines. Recently, Canaan unveiled the Avalon A16 series, with the flagship model being the Avalon A16XP, at the Blockchain Life 2025 summit in Dubai.

Canaan CEO Nangeng Zhang said the company is “deeply grateful” for the participation of Brevan Howard, Galaxy Digital, and Weiss Asset Management, calling the transaction “an important milestone” that reflects growing institutional confidence in Canaan’s fundamentals and long-term strategy.

The firm noted that the proceeds will go toward high-return, utility-grade computing and energy infrastructure projects aimed at improving efficiency and long-term revenue visibility. The firm said the capital raise marks a shift in Canaan’s capital markets approach, aligning it more closely with fundamentals-driven institutional investors active in the digital asset sector.

The offering is being conducted under Canaan’s effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission (SEC) in February 2025. The transaction’s closing is expected to take place on Nov. 6, 2025, pending customary conditions.

Founded in 2013 and listed on Nasdaq since 2019, Canaan designs and manufactures application-specific integrated circuit (ASIC) chips and mining equipment under its Avalon brand. Shares of Canaan’s stock CAN jumped nearly 16% during today’s trading session, but CAN is still down 10% over the last seven days.

FAQ ❓

• What is the value of Canaan’s latest investment round?
  Canaan raised $72 million from Brevan Howard’s BH Digital, Galaxy Digital, and Weiss Asset Management.
• How many shares were issued in the deal?
  The transaction involved roughly 63.7 million American depositary shares priced at $1.131 each.
• When will the transaction close?
  Canaan expects the deal to close on Nov. 6, 2025, subject to standard closing conditions.
• What will Canaan use the funds for?
  The company plans to invest in computing and energy infrastructure to boost long-term operational efficiency.

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