**Canaan Inc. Secures $72M Strategic Investment from BH Digital, Galaxy Digital, and Weiss Asset Management**
Canaan Inc., one of the leading crypto mining companies, has announced a new investment round led by BH Digital, a division of Brevan Howard. The company also tapped Galaxy Digital and Weiss Asset Management as key investors. This strategic funding round attracted a total of $72 million through the purchase of American Depositary Shares (ADS), each representing 15 Class A common stocks of Canaan. Notably, the deal did not include warrants, options, or other derivative instruments.
As part of a shift in its capital markets strategy, Canaan is aligning more closely with the goals of its investor firms. “We are deeply grateful to Brevan Howard, Galaxy Digital, and Weiss Asset Management for their participation,” said Nangeng Zhang, chairman and CEO of Canaan. “The investment will support Canaan’s continued innovation and growth across all areas of its business, reinforcing its commitment to strengthening the Bitcoin ecosystem through every phase of the cycle.”
### Expanding Beyond Crypto Mining: Canaan’s New Direction
As previously reported by Cryptopolitan, the legacy Bitcoin miner and rig producer is now aiming to join the booming AI sector by developing new types of data centers. This strategic pivot indicates Canaan’s ambition to diversify its business beyond crypto mining into high-return computing projects.
The institutionally-backed investment signals strong confidence in Canaan’s long-term potential. Zhang highlighted that the purchase of common stock, rather than warrants or derivatives, reflects a firm belief in the company’s fundamentals.
Currently, Canaan holds a relatively small treasury of 1,582 BTC but seeks increased liquidity and capital to reduce reliance on future raises or stock dilution. The company is also set to expand its product offerings, including its Apollo mining computers, which recently secured an order for 50,000 machines aimed at the U.S. market.
### Mining Operations and Market Performance
Canaan operates eight data centers, following a model of small-cap computational operations while making a significant pivot into AI-related activities. The company maintains 9.3 EH/s in mining capacity and remains ranked 14th among the largest mining companies worldwide.
Despite these developments, Canaan’s stock price has experienced volatility. Following the announcement of the investment deal, CAN stock remained relatively unchanged, trading around $1.11. In October, CAN shares rose to $2.05, in line with Bitcoin’s upward momentum. However, the stock recently fell by 14.62%, coinciding with a decline in Bitcoin’s price to approximately $101,000.
### Nasdaq Compliance and Future Outlook
On October 16, Canaan regained compliance with Nasdaq after its ADS price exceeded the minimum bid price of $1. The company operates out of Singapore and has demonstrated its commitment to maintaining its Nasdaq listing.
As Canaan bridges the worlds of cryptocurrency mining and artificial intelligence, it continues to navigate a complex landscape. With fresh capital and a diversified strategy, the company is positioning itself for innovation and growth in both sectors.
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https://bitcoinethereumnews.com/finance/canaan-lands-72m-backing-from-trio-of-institutional-investors/
