Brevan Howard, Galaxy, Weiss back Canaan’s $72M Bitcoin mining raise

The mining hardware maker said it's refocusing on its core business of ASIC chip design and high-performance computing equipment as it scales production in the United States.

Bitcoin mining hardware maker Canaan Inc. has secured a $72 million strategic equity investment from Galaxy Digital, Weiss Asset Management and Brevan Howard’s digital asset arm, Brevan Howard Digital.

The transaction, announced on Tuesday, will bolster the company’s balance sheet and reduce its dependence on future at-the-market (ATM) capital raises, it said. Under the deal, investors bought 63.7 million American depositary shares, representing Canaan’s Class A stock at $1.13 each through a registered direct offering.

Founded in 2013, Canaan specializes in application-specific integrated circuit (ASIC) chip design and high-performance computing equipment. The company developed the first Avalon-branded Bitcoin mining rigs in 2013 and listed on Nasdaq in 2019.

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