Canaan Raises $72 Million for Bitcoin Mining Expansion

Crypto mining giant Canaan Inc. secured a significant $72 million funding boost through an equity offering, signaling a strategic shift in focus towards Bitcoin mining hardware. This investment will enable Canaan to bolster its manufacturing capabilities and expand operations within the United States, specifically tailored to meet growing demand for high-performance Bitcoin mining rigs. 2028’s upcoming halving event is expected to further increase the need for energy-efficient mining equipment, making this capital injection timely and strategic.