Canaan Stock Surges on Triple Catalyst Boost

Canaan Inc. witnessed a dramatic upward move in its share price yesterday, posting gains exceeding 16% during the trading session. The cryptocurrency mining hardware manufacturer was propelled by a confluence of three significant positive developments: a major $72 million capital raise, the official debut of its next-generation A16 series miners, and the signing of a strategic contract in the Japanese market.

A key driver behind the stock’s impressive performance was the announcement of a registered direct offering valued at $72 million. Notably, the transaction attracted participation from several high-profile institutional investors, including BH Digital (an arm of Brevan Howard), Galaxy Digital, and Weiss Asset Management. The deal is scheduled for final completion Read more...