Mentioned:
Brevan Howard is one of the world’s top hedge funds. And they’ve just made a new bet on a publicly traded Bitcoin mining hardware company.
What’s happening:
- Canaan (NASDAQ: CAN) has raised $72M USD in a new equity financing round
By the numbers:
- Canaan issued approximately 63.3M shares at $1.13 USD per share as part of the financing
Why it matters:
- The new funding round was led by the digital asset investment arm of hedge fund Brevan Howard and crypto giant Galaxy Digital (NASDAQ: GLXY)
Going deeper:
- Canaan has publicly stated the new growth capital will be deployed into advancing large scale computing and energy infrastructure projects within North America
- Canaan also just recently made waves when they landed one of their largest orders ever for their Avalon A15 Pro Bitcoin mining rigs with a Bitcoin mining company based in the United States
