Bitcoin miner Canaan seeks $148M in equity amid revenue slump
Bitcoin mining company Canaan is looking for new funding after experiencing a decline in revenue and profits. In its Q3 2023 earnings report, the company announced plans to sell $148 million in equity through an at-the-market offering. Canaan also recently agreed to issue up to 125,000 preferred stock at $1,000 each to an undisclosed institutional investor for a total of $125 million. The decline in revenue is attributed to a decrease in the number of Bitcoin mined and a fall in the number of ASIC mining rigs sold, as well as increased pricing competition and a softening in purchasing power. Canaan expects its Q4 revenue to remain unchanged due to challenging market conditions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BItcoin Could Surpass $150,000 This Cycle, According to VanEck CEO
Bitcoin Price Drop Could Benefit the Market, Expert Says
Analyst Forecasts Bitcoin to Break $110K as Market Cycle Heats Up
Vancouver Plans to Add Bitcoin to City Reserves, Joining Global Momentum