According to PANews, Canaan Technology has entered into a securities purchase agreement with an institutional investor to raise $200 million through Series A-1 preferred stock financing. The first tranche of this financing was completed on March 10, 2025, with the company receiving an initial $100 million. The second tranche, expected to be completed soon under specific terms and conditions, will provide an additional $100 million.
The net proceeds from this financing will be allocated to essential activities supporting the company's growth. These activities include research and development, scaling up production, manufacturing or investing in digital mining farms, and deploying equipment in North America. Additionally, the funds will support global sales, including transactions between subsidiaries or the acquisition or disposal of assets from subsidiaries, as well as other general corporate purposes.