Wu said that he learned that Canaan has completed the third tranche of preferred stock issuance, raising an additional $50 million to fund its self-operated mining expansion and mining machine manufacturing business in North America. On Monday, Canaan announced the issuance of 50,000 Class A preferred shares at an issue price of $1,000 per share. These shares can be converted into Class A common shares after six months, and then converted into American Depositary Shares (ADS) on Nasdaq. The issuance is the third part of the securities purchase agreement signed by Canaan with an unnamed institutional investor in November 2023, aiming to raise up to $125 million in three phases. Canaan raised the first tranche of $25 million and the second tranche of $50 million in December and February, respectively.