Canaan Launches $270M At-The-Market Equity Offering To Fund Data Center Expansion And Bitcoin Mining Operations

Author: Benzinga Newsdesk | October 24, 2025 04:05pm

On October 24, 2025, Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company" or "we") has filed a new prospectus supplement, dated October 24, 2025, Eastern Standard Time (the "Prospectus Supplement") setting up a new at-the-market equity offering program (the "ATM Program" or "ATM"), under which the Company may sell up to an aggregate of US$270 million of the American depositary shares ("ADSs"), each representing fifteen Class A ordinary shares of the Company. This ATM Program will be executed under a sales agreement entered into on October 24, 2025 (the "ATM Agreement") by the Company and Macquarie Capital Limited, Needham & Company, LLC, Keefe, Bruyette & Woods, Inc., China Renaissance Securities (Hong Kong) Limited, Compass Point Research & Trading, LLC, Northland Securities, Inc., Rosenblatt Securities Inc., The Benchmark Company, LLC, B. Riley Securities, Inc., and CLSA Limited as sales agents (the "Sales Agents"). The timing and extent of the use of the ATM Program will be at the discretion of the Company. The Company intends to use the net proceeds of this offering for the acquisition and development of data center sites and facilities in North America, expansion of Bitcoin mining machine production capacity to support deployment of digital mining sites and sales of Bitcoin mining machines, research and development, and other general corporate purposes.

Posted In: CAN