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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.

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