Odaily Planet Daily reports that Bitcoin mining machine manufacturer Canaan Inc. announced it has received strategic investments totaling approximately $72 million from institutions including BH Digital (Brevan Howard's digital asset division), Galaxy Digital, and Weiss Asset Management.

This round of financing will be conducted through an equity purchase, with Canaan issuing and selling approximately 63.7 million American Depositary Shares (ADSs) at a price of US$1.131 per share. The company emphasized that this transaction did not involve any warrants, options, or derivatives. Canaan Technology Chairman and CEO Zhang Nangeng stated that this financing marks a significant milestone in the company's development, and the increased institutional shareholding reflects global investors' confidence in Canaan's technological strength and long-term strategy.

Canaan plans to use the funds to strengthen its financial structure, reduce reliance on subsequent financing, and invest in computing and energy infrastructure projects to improve operational efficiency and revenue stability. The transaction is expected to close on November 6.

In addition, Canaan recently announced a cooperation agreement with a major Japanese utility company to provide mining equipment for Japan's first nationally participated power grid stability research project, and has received an order from a US mining company for more than 50,000 Avalon A15 Pro mining machines, which are expected to be delivered before the end of the year.

As of Tuesday's close, Canaan Technology's stock price fell 14.6% to $1.11, down 19% in the past five days and approximately 50% year-to-date. Other mining companies also generally declined, with Hut 8 down 12.5% and Mara Holdings down 6.7%. (The Block)