Canaan receives $72 million investment from Brevan Howard, Galaxy, and Weiss

Jinse Finance reported that bitcoin mining machine manufacturer Canaan has secured a $72 million equity investment from Brevan Howard, Galaxy Digital, and Weiss Asset Management, aiming to deepen its cooperation with institutional investors. Canaan announced on Tuesday that the investment was completed through the purchase of 63.7 million American Depositary Shares (ADS) at a price of $1.131 per share, with each ADS representing 15 Class A ordinary shares. The company noted that the transaction does not involve warrants, options, or other derivatives, and is a direct equity transaction, highlighting investors' confidence in the company's fundamentals. Canaan stated that this financing will strengthen its balance sheet and reduce its reliance on future "at-the-market" or other dilutive financing methods. On the day the announcement was released, Canaan's stock price fell by 15%, in line with the general downward trend of bitcoin-related stocks in the market.