Canaan Secures $200 Million for US Bitcoin Mining Expansion
Bitcoin mining hardware manufacturer Canaan Inc. has secured up to $200 million in funding through a Series A-1 Preferred Shares financing.
The company announced on Monday that it entered into a securities purchase agreement with an institutional investor, receiving an initial $100 million following the first tranche closing on March 10. An additional $100 million is expected in the near term, contingent on certain conditions.
The funding will support Canaan’s research and development, production expansion, and digital mining infrastructure investments in North America. Canaan CEO Nangeng Zhang reaffirmed confidence in Bitcoin’s long-term potential and the company’s ability to scale its proprietary mining operations to 10 EH/s in North America by mid-2025.
This latest funding round follows a series of debt and equity financing activities since Q2 2024. In June, Canaan secured two loans totaling $22.3 million, collateralized by 530 Bitcoin. In October, it completed the third tranche of a preferred stock offering, raising an additional $50 million—bringing total funds raised since November 2023 to $125 million.
In November 2024, Canaan entered into another securities purchase agreement to raise $30 million through the sale of Series A-1 Preferred Shares, earmarked for Bitcoin mining infrastructure and equipment deployment in North America.
