Brevan Howard, Galaxy, Weiss back Canaan's $72M Bitcoin mining raise

Bitcoin mining hardware OG Canaan just scored a massive $72M strategic equity investment from Galaxy Digital, Weiss Asset Management, and Brevan Howard Digital. This isn't just funding—it's a power move that strengthens their balance sheet and reduces their dependency on future ATM capital raises.

The deal went down through a registered direct offering where investors scooped up 63.7 million American depositary shares at $1.13 each. Immediate market reaction? Canaan's stock jumped ~9% intraday on Nasdaq. When the big players put their money where their mouth is, you know something's cooking.

Founded in 2013, Canaan literally built the first Avalon-branded Bitcoin mining rigs and went public on Nasdaq in 2019. They're not just another mining company—they're ASIC chip design specialists and high-performance computing equipment pioneers.

This investment marks a strategic pivot in Canaan's capital markets approach. They're moving from generic fundraising to collaborating with fundamentals-focused investment heavyweights who actually understand the space.

While everyone and their mother is pivoting to AI and HPC, Canaan is doing the opposite—they're doubling down on Bitcoin mining hardware and infrastructure. In June, they straight-up discontinued their AI hardware production efforts.

Canaan Chairman and CEO Nangeng Zhang told Cointelegraph the most strategic path forward is to "double down on our core strengths in crypto infrastructure and Bitcoin mining." This isn't diversification—it's specialization at its finest.

The US expansion is real. Canaan completed a pilot production run stateside to slash delivery times for North American customers. And get this—their stock surged over 26% in October after landing a 50,000-rig order from an unnamed US company. That's their largest order in three+ years.

The timing couldn't be better. The US dominates nearly 38% of global Bitcoin hashrate, with six of the ten largest publicly listed Bitcoin mining companies headquartered there. Canaan isn't just playing the game—they're positioning themselves at the epicenter.