Jia Nan Technology raised $30 million through the issuance of preferred shares to support the development of digital mining and equipment in North America

ChainCatcher news, according to Finance Magnates, Bitcoin mining machine manufacturer Canaan Inc. has recently signed a securities purchase agreement to sell up to 30,000 shares of Series A-1 preferred stock to an institutional investor at a price of $1,000 per share. The agreement will raise $30 million to support the development of digital mining and equipment in North America.

Previously, Canaan Inc. completed its Series A financing in September 2024, during which it sold up to 125,000 Series A convertible preferred shares.

Canaan Inc. has also made progress in product development, with high demand for its Avalon A15-194T mining machines. The company has signed a follow-on purchase agreement with HIVE Digital Technologies to deliver 5,000 Avalon A15 mining machines in the first quarter of 2025. In addition to expanding its product supply, Canaan Inc. is also strengthening its mining operations in North America. Its subsidiary, Beet Digital LLC, has signed a joint mining agreement with Luna Squares Texas LLC (LS Texas). The agreement aims to expand Canaan Inc.'s mining capacity to 10 EH/s by mid-2025.