Canaan completes conversion of Series A-1 preferred shares to ADSs

Canaan Inc. (NASDAQ: CAN) announced that an institutional investor has fully converted its Series A-1 Convertible Preferred Shares into American Depositary Shares and sold them through open market transactions.

The crypto mining company entered into a Securities Purchase Agreement on March 10, 2025, for total gross proceeds of up to $200 million through Series A-1 Preferred Shares financing. The first tranche of $100 million closed on the same date. The parties mutually agreed to terminate the second tranche effective April 30, 2025, as disclosed in the company's April 2025 Bitcoin Production and Mining Operations Update on May 14, 2025.

Each ADS represents 15 of the company's Class A ordinary shares. The institutional investor has now completed the sale of all converted ADSs through open market transactions.

Canaan reported that its month-end deployed hashrate increased to 8.15 EH/s in June, up approximately 30% from 6.28 EH/s in February. This includes 4.22 EH/s from mining operations in Ethiopia and 3.66 EH/s deployed in North America, with an additional 1.00 EH/s currently en route to the U.S.

The Singapore-based company, established in 2013, focuses on ASIC high-performance computing chip design and bitcoin mining equipment production. Canaan completed its initial public offering on the Nasdaq Global Market in 2019.

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