​Canaan Inc., a leading cryptocurrency mining hardware manufacturer, has secured up to $200 million in funding through a Series A-1 Preferred Shares financing agreement with an institutional investor.

The first tranche of $100 million was completed on March 10, 2025, with the remaining $100 million expected in the near term, subject to certain conditions.

The funds are earmarked to bolster Canaan’s research and development efforts, expand production capabilities, and invest in digital mining infrastructure, particularly in North America.

CEO Nangeng Zhang expressed gratitude for the investor’s support, stating that the investment reflects confidence in Canaan’s strategy and the future of Bitcoin. He reaffirmed the company’s revenue guidance and its goal to achieve a self-mining capacity of 10 exahashes per second (EH/s) in North America by mid-2025. ​

This financing comes on the heels of Canaan’s preliminary unaudited financial results for the fourth quarter of 2024, which reported revenue exceeding guidance and a narrowed gross loss.

The company has maintained discipline in its at-the-market fundraising, with an average selling price above $2, indicating management’s belief that the stock is currently undervalued.

Canaan’s strategic focus on enhancing its R&D, strengthening its wafer supply chain, and expanding mining operations underscores its commitment to maintaining a competitive edge in the rapidly evolving cryptocurrency mining industry.

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