Coinspeaker
Canaan Secures $50M in Preferred Shares Sale to Bolster Expansion Efforts
Canaan, a leading crypto mining rig manufacturer for Bitcoin (BTC) and other digital assets, has raised an impressive $50 million through a preferred shares financing round.
The Nasdaq-listed company revealed in a recent filing with the US Securities and Exchange Commission (SEC) that it issued and sold 125,000 Series A convertible preferred shares to an institutional investor. However, Canaan failed to disclose the buyer’s identity in the SEC’s filing on January 22, 2024.
Canaan Plans to Expand Its Business Offerings
The company has a history of not revealing buyers of its shares. On December 11, 2023, the blockchain mining manufacturer announced that it had closed the first tranche of its preferred shares financing, raising $25 million from the sales.
At the time, the company said it planned to use the net profits from the sale of securities to fund its research and development of products and s
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