Canaan Secures $72M Investment from Galaxy Digital, Brevan Howard

The $72 million strategic equity investment represents a crucial financial milestone for Canaan Inc., providing immediate balance sheet reinforcement while reducing the company’s dependence on future at-the-market capital raises. Through a registered direct offering, investors acquired 63.7 million American depositary shares at $1.13 each, representing Canaan’s Class A stock. This transaction structure demonstrates institutional confidence in Canaan’s long-term prospects and provides the company with stable capital without the market uncertainty associated with ATM offerings.

The participation of three prominent financial institutions—Galaxy Digital, Weiss Asset Management, and Brevan Howard Digital—signals strong institutional backing for Canaan’s strategic direction. This diverse investor base combines digital asset expertise with traditional financial strength, creating a supportive shareholder foundation as Canaan navigates the evolving cryptocurrency mining landscape. The timing of this investment is particularly significant as the company shifts focus toward its core competencies amid changing market conditions.

Canaan’s renewed emphasis on application-specific integrated circuit chip design and high-performance computing equipment represents a strategic return to the company’s founding strengths. Founded in 2013, Canaan made industry history by developing the first Avalon-branded Bitcoin mining rigs, establishing itself as a pioneer in ASIC technology for cryptocurrency mining. This refocusing comes as the company scales production operations in the United States, positioning itself to capitalize on growing domestic demand for mining infrastructure.

The company’s specialization in ASIC chip design provides a technological advantage in the competitive Bitcoin mining hardware market. ASIC chips, specifically engineered for cryptocurrency mining operations, offer superior efficiency and performance compared to general-purpose computing hardware. Canaan’s decade of experience in this specialized field, combined with the fresh capital infusion, enables the company to accelerate innovation in mining technology while optimizing production capabilities for the evolving needs of the Bitcoin network.

Canaan’s Nasdaq listing since 2019 provides the company with established public market credentials that complement this recent private investment. The combination of public market access and strategic private capital creates a robust financial foundation for executing the company’s growth strategy. This dual approach to capital formation demonstrates Canaan’s maturity as a public company while maintaining flexibility in its financing options.

The investment from Galaxy Digital, Weiss Asset Management, and Brevan Howard Digital reflects growing institutional confidence in the infrastructure supporting Bitcoin and cryptocurrency markets. As mining hardware manufacturers play a critical role in securing blockchain networks and processing transactions, this strategic backing underscores the importance of specialized computing equipment in the digital asset ecosystem. Canaan’s strengthened financial position enables continued innovation in mining technology at a time when efficiency and computational power are increasingly crucial for network participation.

With reduced reliance on future capital raises and renewed focus on its core technological strengths, Canaan is positioned to leverage its ASIC design expertise while expanding its United States manufacturing footprint. This strategic alignment of financial resources, technical capabilities, and geographic expansion creates a compelling growth trajectory for one of Bitcoin’s original hardware pioneers as the cryptocurrency mining industry continues to evolve toward greater institutional participation and technological sophistication.