Bitcoin Miner Manufacturer Canaan Gets $72M Strategic Investment from Brevan Howard and Galaxy Digital

Citing Odaily, Bitcoin mining hardware manufacturer Canaan Inc. announced a strategic investment of approximately $72 million from BH Digital (a digital asset division of Brevan Howard), Galaxy Digital, and Weiss Asset Management. The funding round involves the issuance and sale of about 63.7 million American Depositary Shares (ADS) at $1.131 per share. Canaan emphasized that the transaction does not involve any warrants, options, or derivatives. The company plans to use the funds to strengthen its financial structure, reduce future financing dependence, and invest in computing and energy infrastructure projects to improve operational efficiency and revenue stability. The transaction is expected to be completed on November 6. Canaan also recently signed a cooperation agreement with a major Japanese utility company to provide mining equipment for Japan's first grid stability research project involving national participation, and received an order for over 50,000 Avalon A15 Pro miners from a U.S. mining company, expected to be delivered before the end of the year. As of Tuesday's close, Canaan's stock fell 14.6% to $1.11, with a 19% decline over the past five days and a roughly 50% drop year-to-date. Other mining companies also generally declined, with Hut 8 down 12.5% and Mara Holdings down 6.7%.