2024

Cipher

Million

<a href="https://ultramining.com/news/en/canaan-s-revenue-drops-by-72/" rel="noopener noreferrer nofollow">Canaan</a>, a prominent player in the bitcoin mining rig industry, has successfully raised $50 million by selling preferred shares, as revealed in a recent U.S. Securities and Exchange Commission (<a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/" rel="noopener noreferrer nofollow">SEC</a>) filing. This achievement follows a previous sale in November 2023, where <a href="https://ultramining.com/news/en/canaan-s-revenue-drops-by-72/" rel="noopener noreferrer nofollow">Canaan</a> raised $25 million through a similar method, according to <a href="https://news.bitcoin.com/bitcoin-mining-rig-manufacturer-canaan-raises-50-million-through-preferred-shares-sale" rel="noopener noreferrer nofollow">Bitcoin.com</a>.
Canaan, listed on Nasdaq under the ticker symbol CAN, is renowned for its <a href="https://ultramining.com/news/en/stronghold-invests-3m-in-bitcoin-mining-expansion/" rel="noopener noreferrer nofollow">Avalon</a>-branded application-specific integrated circuit (ASIC) bitcoin mining rigs. The latest capital infusion comes from an unnamed "institutional buyer," according to the January 2024 <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/" rel="noopener noreferrer nofollow">SEC</a> Form 6-K filing. Canaan plans to allocate these funds towards research and development, as well as covering operational costs.
Since its establishment, Canaan has been a trailblazer in the ASIC mining rig market, launching the first publicly available ASIC miner in 2013. The company went public in 2019, raising $90 million through an initial public offering (IPO) on the Nasdaq Global Market. However, since its Nasdaq debut, CAN's shares have experienced a significant decline, falling 88% from their original value, with a 41% drop year-to-date.
Despite the downturn in its stock value, Canaan has been actively expanding its product line. Celebrating its tenth anniversary in late 2023, the company introduced two new mining devices, one of which boasts an efficiency rating under 20 joules per terahash, competitive with products from rivals like Microbt and <a href="https://ultramining.com/en/manufacturers/bitmain/" rel="noopener noreferrer nofollow">Bitmain</a>. Additionally, Canaan recently secured a deal with <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a> Mining for the supply of 16,700 <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">bitcoin miners</a>.

Canaan Secures $50 Million Through Preferred Shares Sale

Ultramining_Eng

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