#Singapore #crypto mining #Canaan Inc. #American Depositary Shares

Canaan Inc. Announces $72,000,000 Registered Direct Offering

Canaan Inc. (NASDAQ: CAN), a leader in crypto mining technology, has made a significant announcement regarding its financial strategy. The company is set to undertake a registered direct offering of American Depositary Shares (ADS) valued at $72 million. This initiative is pivotal for Canaan as it aims to acquire and develop new data center sites and facilities across North America, significantly bolstering its operational capabilities in the ever-evolving crypto space.

Details of the Offering

On November 4, 2025, Canaan revealed its plan to enter into securities purchase agreements with select investors, which will allow the issuance and sale of approximately 63,660,477 ADSs. Each ADS will represent 15 Class A ordinary shares of the company, priced at $1.131 per ADS. These agreements are structured with customary representations and warranties, essential for transactions of this kind.

The company expects the closing of these transactions to occur on November 6, pending standard closing conditions. Canaan aims to utilize the net proceeds from this offering for multiple strategic initiatives, including:

• - Acquisition and development of data center sites in North America.
• - Expansion of production capacity for Bitcoin mining machines to support the deployment of digital mining sites.
• - Sales of Bitcoin mining machines and ongoing research and development.
• - General corporate purposes that may arise.

Further specifics about this offering will also be shared in a Form 6-K filing with the U.S. Securities and Exchange Commission (SEC).

Impact on Canaan and the Crypto Market

Canaan Inc. has consistently positioned itself as a pioneer in the crypto mining sector since its establishment in 2013. The company has made remarkable strides, being the first to commercialize ASIC-based mining machines under its Avalon brand. With the ongoing fluctuations in the cryptocurrency market, this funding will enable Canaan to enhance its infrastructure and product offerings, potentially increasing its market share.

In addition to their immediate growth plans, this registered direct offering signals a forward-looking approach from Canaan's management, showcasing their commitment to proactively adapt and thrive in a competitive environment. The proceeds from this capital raise will not only act as a financial buffer but also fuel innovation and expansion efforts in a sector characterized by rapid technological growth.

About the Company

Canaan Inc., renowned for its technological advancements in ASIC (Application-Specific Integrated Circuit) high-performance computing, has made waves since its inception. The firm focuses on chip design, development, and production alongside software services. Following a successful IPO in 2019 on the Nasdaq Global Market, Canaan has continued to refine its product lines, reflecting its status as a leading entity in the crypto mining arena.

For those interested in specifics, the securities being offered are available under an effective shelf registration statement (File No. 333-285125) that was filed and became effective on February 21, 2025. Interested parties can access prospectus supplements detailing the offerings on the SEC's website or through direct contact with Canaan.

This substantial step in raising capital reflects Canaan's ambition to enhance its operational footprint, ensuring it remains at the forefront of the cryptocurrency mining industry. As the market develops, Canaan continues to showcase resilience and adaptability, further setting the stage for future growth and success in an ever-competitive industry.