Kaanan Technology raised 30 million US dollars through the issuance of preferred shares
According to Finance Magnates, Bitcoin mining machine manufacturer Canaan Inc. (NASDAQ: CAN) recently signed a securities purchase agreement to sell up to 30,000 shares of A-1 preferred stock at $1,000 per share to an institutional investor. The agreement will raise $30 million for the development of digital mining and equipment in North America. Previously, Canaan had completed a Series A financing round in September 2024, selling as many as 125,000 convertible preferred shares.
Canaan's product development has also made progress with high demand for its Avalon A15-194T miner. The company has signed a follow-up purchase agreement with HIVE Digital Technologies and will deliver 5,000 Avalon A15 miners in the first quarter of 2025. In addition to expanding product supply, Canaan is also strengthening its mining business in North America. Its subsidiary Beet Digital LLC has signed a joint mining agreement with Luna Squares Texas LLC (LS Texas). This agreement aims to expand Canaan's mining capacity to 10 EH/s by mid-2025.
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