Bitcoin Mining Firm Canaan Raises $72 Million from Giants like Galaxy Digital

Cryptocurrency hardware maker Canaan Inc. secured a significant investment of $72 million, fueling its growth and reducing reliance on future capital raises. This strategic equity deal was led by investors including Galaxy Digital, Weiss Asset Management, and Brevan Howard’s digital asset arm, Brevan Howard Digital. 63.7 million American depositary shares were purchased at $1.13 each, representing Canaan’s Class A stock through a registered direct offering.