CoinVoice recently learned that according to Finance Magnates, Bitcoin mining machine manufacturer Canaan Inc. recently signed a securities purchase agreement to sell up to 30,000 shares of Series A-1 preferred stock to an institutional investor at a price of $1,000 per share. The agreement will raise $30 million to support the development of digital mining and equipment in North America.
Previously, Canaan Technology completed its Series A financing in September 2024, in which it sold up to 125,000 shares of Series A convertible preferred stock.
Canaan has also made progress in product development, with its Avalon A15-194T miner in high demand. The company has signed a follow-on purchase agreement with HIVE Digital Technologies to deliver 5,000 Avalon A15 miners in the first quarter of 2025. In addition to expanding its product offering, Canaan is also strengthening its mining operations in North America. Its subsidiary Beet Digital LLC has signed a joint mining agreement with Luna Squares Texas LLC (LS Texas). The agreement aims to expand Canaan's mining capacity to 10 EH/s by mid-2025. [Original link]