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Investing.com -- Canaan Inc (NASDAQ:CAN) stock surged 10.1% on Friday after the crypto mining company announced it has ceased further sales under its at-the-market (ATM) equity offering program for the remainder of 2025.
The company sold approximately 4.84 million American depositary shares at an average price of $1.61 per ADS, generating gross proceeds of about $7.8 million. Canaan established the new ATM program on October 24 to replace a previous expired program, aiming to expand its banking relationships and enhance financial flexibility.
In its announcement, Canaan emphasized that its cash position "remains solid" and is supported by "continued business momentum." The company reported holding a cryptocurrency treasury of 1,582 bitcoins and 2,830 ETH as of September 30.
The decision on whether to resume active sales in 2026 will depend on the company’s cash requirements, market conditions, and other relevant factors, according to the statement.
Canaan recently introduced its latest generation bitcoin mining machine, the Avalon A16 series, on October 28. The company described the new hardware as featuring "industry-leading power efficiency and manufacturing quality," though specific performance metrics were not detailed in the announcement.
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