Canaan Inc. Halts ATM Sales After Raising $7.8 Million

Canaan Inc. (NASDAQ: CAN), a recognized innovator in the crypto mining sector, has announced an update to its at-the-market (ATM) offering program, according to PR Newswire. The company has successfully raised approximately $7.8 million through this initiative before deciding to pause further sales for the remainder of 2025.

ATM Program Details

On October 24, 2025, Canaan Inc. renewed its ATM equity offering program following the expiration of the previous one. This renewal is part of the company’s strategy to expand its banking relationships and enhance its financial flexibility for future growth initiatives. The company managed to sell about 4.84 million American depositary shares (ADSs) at an average price of $1.61 per ADS.

Strategic Pause in Sales

Following the successful fundraising, Canaan has decided to halt any further ATM sales through 2025. The decision to resume active sales in 2026 will depend on various factors, including the company’s cash needs and prevailing market conditions.

Financial Stability and Technological Advancements

Canaan’s financial position remains robust, supported by ongoing business momentum. As of September 30, 2025, the company reported holding a cryptocurrency treasury comprising 1,582 bitcoins and 2,830 ETH. Moreover, on October 28, 2025, Canaan launched its latest bitcoin mining machine, the Avalon A16 series, which boasts advanced power efficiency and manufacturing quality.

About Canaan Inc.

Founded in 2013, Canaan Inc. specializes in ASIC high-performance computing chip design and production. The company is noted for its pioneering work in the crypto mining industry, having shipped the first batch of mining machines with ASIC technology under the Avalon brand. Canaan went public on the Nasdaq Global Market in 2019, further solidifying its position in the tech industry.

The update on Canaan’s ATM offering program underscores the company’s strategic approach to balancing immediate financial gains with long-term growth and innovation in the rapidly evolving crypto mining landscape.

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