PANews reported on March 11 that according to PR Newswire, Canaan Technology has signed a securities purchase agreement with an institutional investor to provide the company with a total of US$200 million in total proceeds through Series A-1 preferred stock financing. The first phase of the preferred stock financing was completed on March 10, 2025, and the company has received the first batch of US$100 million. It is expected that the second phase of delivery will be completed in the near future under specific terms and conditions, and an additional US$100 million will be received. The net proceeds from the financing will be used to fund necessary activities to support the company's development, including research and development, expansion of production scale, manufacturing or investment in digital mines and equipment deployed in North America, and global sales, including the acquisition or disposal of assets between or from subsidiaries of the company, and other general corporate purposes.