Bitcoin mining machine manufacturer Canaan Technology received $72 million in funding from investment firms including Brevan Howard and Galaxy Digital.

Odaily Planet Daily reports that Canaan Inc., a Bitcoin mining machine manufacturer, announced it has secured approximately $72 million in strategic investment from institutions including BH Digital (Brevan Howard's digital asset division), Galaxy Digital, and Weiss Asset Management. The funding round was conducted through an equity purchase, with Canaan issuing and selling approximately 63.7 million American Depositary Shares (ADSs) at a price of $1.131 per share. The company emphasized that the transaction did not involve any warrants, options, or derivatives. Canaan's Chairman and CEO, Zhang Nangeng, stated that this funding marks a significant milestone in the company's development, and the increased institutional holdings reflect global investors' confidence in Canaan's technological strength and long-term strategy. Canaan plans to use the funds to strengthen its financial structure, reduce reliance on future financing, and invest in computing and energy infrastructure projects to improve operational efficiency and revenue stability. The transaction is expected to close on November 6th. In addition, Canaan recently announced a cooperation agreement with a major Japanese utility company to provide mining equipment for Japan's first nationally participated power grid stability research project, and secured an order from a US mining company for over 50,000 Avalon A15 Pro mining machines, with delivery expected by the end of the year. As of Tuesday's close, Canaan Technology's stock price fell 14.6% to $1.11, down 19% in the past five days and approximately 50% year-to-date. Other mining companies also generally declined, with Hut 8 down 12.5% and Mara Holdings down 6.7%. (The Block)