The Singapore-based bitcoin mining ASIC producer Canaan (NASDAQ: CAN) closed a $72 million direct offering Friday with Brevan Howard, Galaxy Digital, and Weiss Asset Management.
The mining company sold 63.66 million American depository shares (ADSs), each representing 15 Class A ordinary shares, at a price of $1.131 per ADS. Canaan announced the offering 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 bitcoin 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 Canaan secured a contract to deploy 4.5 megawatts of Canaan’s Avalon bitcoin mining ASICs with a major Japanese utility company. The Japanese utility will use the bitcoin miners for real-time grid balancing and energy optimization.
CAN stock is down 13% over the last five days at the time of publication.
