Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, today announced that the institutional investor (the “Investor”) in its previously disclosed Series A-1 Convertible Preferred Shares financing has fully converted all its holdings into American Depositary Shares (“ADSs”), each representing 15 of the Company’s Class A ordinary shares, and has completed the sale of these ADSs through open market transactions.
On March 10, 2025, the Company announced it had entered into a Securities Purchase Agreement with the Investor, providing for total gross proceeds of up to US$200 million through a Series A-1 Preferred Shares financing, with the first tranche of US$100 million closing on the same date. On May 14, 2025, the Company disclosed in its April 2025 Bitcoin Production and Mining Operations Update that the parties had mutually agreed to terminate the second tranche, effective April 30, 2025.
The Company thanks the Investor for its support of Canaan’s initiatives in R&D for advanced mining solutions, bitcoin mining operations, and global market expansion. Through support from its investors, the Company is able to advance its goals, leading to achievements like its recently announced June 2025 Bitcoin Production and Mining Operations Update, where the Company’s month-end deployed hashrate increased to 8.15 EH/s in June, up approximately 30% from 6.28 EH/s in February. This includes 4.22 EH/s from 100% green mining operations in Ethiopia and 3.66 EH/s deployed in North America, with an additional 1.00 EH/s currently en route to the U.S.
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