Canaan raises $7.8 million through stock sales, pauses program until 2026

Canaan Inc. (NASDAQ: CAN) raised approximately $7.8 million through its at-the-market offering program by selling about 4.84 million American depositary shares at an average price of $1.61 per share, according to a company statement.

The crypto mining equipment company established the new ATM equity offering program on October 24 to replace its previous expired program. The company has ceased further sales under the program and does not plan to sell additional shares through the ATM for the remainder of 2025.

Canaan stated that future sales activity in 2026 will depend on cash requirements, market conditions, and other factors. The company described its cash position as solid, supported by continued business momentum.

As of September 30, Canaan held a cryptocurrency treasury of 1,582 bitcoins and 2,830 ETH. On October 28, the company introduced its latest generation bitcoin mining machine, the Avalon A16 series.

The Singapore-based company designs ASIC high-performance computing chips and produces computing equipment. Canaan completed its initial public offering on the Nasdaq Global Market in 2019 after shipping the world's first batch of ASIC-based mining machines under the Avalon brand in 2013.

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