Million

Chinese mining <a href="https://ultramining.com/hardware/" rel="noopener noreferrer nofollow">hardware</a> manufacturer <a href="https://ultramining.com/news/en/canaan-s-revenue-drops-by-72/" rel="noopener noreferrer nofollow">Canaan</a> has completed its third financing tranche, raising an additional $50 million. The total amount raised since November 2023 through preferred stock offerings has reached $125 million.
In the third tranche, the company issued 50,000 preferred shares at $1,000 per share. These shares are convertible into common stock after six months and subsequently into American Depositary Shares on Nasdaq. The funds will be used to expand mining operations and manufacturing in North America.
Canaan's CEO, Nangeng Zhang, stated that expanding into the U.S. will diversify revenue streams, reduce volatility, and take advantage of a stable regulatory environment.

Canaan Raises $50 Million in Third Financing Tranche

Ultramining_Eng

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