Canaan Inc. Refreshes ATM Program for North American Expansion
Ticker: CAN · Form: 6-K · Filed: Oct 24, 2025 · CIK: 1780652
Sentiment: neutral
Topics: atm-program, expansion, data-center, digital-mining
TL;DR
Canaan's refreshing its ATM program to fund North American data center and mining growth.
AI Summary
Canaan Inc. announced on October 24, 2025, that it has refreshed its At-The-Market (ATM) program. This program is intended to fund the development of its North American data centers and support its digital mining growth initiatives. The company aims to leverage this financial flexibility to expand its operations in key growth areas.
Why It Matters
This move signals Canaan's commitment to expanding its physical infrastructure and digital mining operations in North America, potentially increasing its market presence and revenue streams in the region.
Risk Assessment
Risk Level: medium — The refresh of an ATM program can dilute existing shareholders if new shares are issued, and the success of the expansion is dependent on market conditions and execution.
Key Players & Entities
- Canaan Inc. (company) — Registrant and issuer of the ATM program
- October 24, 2025 (date) — Date of the announcement and ATM program refresh
- North America (location) — Target region for data center development and mining growth
FAQ
What is the purpose of refreshing the At-The-Market (ATM) program?
The ATM program is being refreshed to fund the development of Canaan Inc.'s North American data centers and support its digital mining growth.
When was the ATM program refreshed?
The ATM program was refreshed on October 24, 2025.
What specific areas will the funding from the ATM program support?
The funding will support the development of North American data centers and digital mining growth.
What is the filing type and date?
This is a Form 6-K filed on October 24, 2025.
Is this filing incorporated into any other registration statements?
Yes, this Form 6-K is incorporated by reference into Canaan Inc.'s registration statement on Form F-3 (File No. 333-285125).
Filing Stats: 1,327 words · 5 min read · ~4 pages · Grade level 13.6 · Accepted 2025-10-24 16:02:23
Key Financial Figures
- $270 million — ompany may sell up to an aggregate of US$270 million of the American depositary shares (&ldq
- $42.5 million — Ss with net proceeds of approximately US$42.5 million at an average price of US$2.08 per ADS.
- $2.08 — S$42.5 million at an average price of US$2.08 per ADS. The Company did not utilize th
Filing Documents
- tm2529349d1_6k.htm (6-K) — 21KB
- tm2529349d1_ex1-1.htm (EX-1.1) — 305KB
- tm2529349d1_ex5-1.htm (EX-5.1) — 18KB
- 0001104659-25-102128.txt ( ) — 345KB
From the Filing
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of October 2025 Commission File Number: 001-39127 Canaan Inc. 28 Ayer Rajah Crescent #06-08 Singapore 139959 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F EXPLANATORY NOTE This current report on Form 6-K, including all the exhibits attached hereto, is incorporated by reference into the registration statement on Form F-3 of the Canaan Inc. (File No. 333-285125) and shall be a part thereof from the date on which this current report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished. Canaan Inc. Refreshes At-The-Market Program to Fund North American Data Center Development and Digital Mining Growth On October 24, 2025, Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company” or “we”) has filed a new prospectus supplement, dated October 24, 2025, Eastern Standard Time (the “Prospectus Supplement”) setting up a new at-the-market equity offering program (the “ATM Program” or “ATM”), under which the Company may sell up to an aggregate of US$270 million of the American depositary shares (“ADSs”), each representing fifteen Class A ordinary shares of the Company. This ATM Program will be executed under a sales agreement entered into on October 24, 2025 (the “ATM Agreement”) by the Company and Macquarie Capital Limited, Needham & Company, LLC, Keefe, Bruyette & Woods, Inc., China Renaissance Securities (Hong Kong) Limited, Compass Point Research & Trading, LLC, Northland Securities, Inc., Rosenblatt Securities Inc., The Benchmark Company, LLC, B. Riley Securities, Inc., and CLSA Limited as sales agents (the “Sales Agents”). The timing and extent of the use of the ATM Program will be at the discretion of the Company. The Company intends to use the net proceeds of this offering for the acquisition and development of data center sites and facilities in North America, expansion of Bitcoin mining machine production capacity to support deployment of digital mining sites and sales of Bitcoin mining machines, research and development, and other general corporate purposes. Pursuant to the ATM Agreement, the Sales Agents may sell the ADSs by any method permitted that is deemed an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The Sales Agents will use commercially reasonable efforts consistent with their normal trading and sales practices to sell the shares from time to time, based upon instructions from the Company, including sales made directly on or through the NASDAQ Global Market or any other existing trading market in the United States for ADSs representing the Company’s Class A ordinary shares. Under the ATM Agreement, the Sales Agents are not required to sell any specific number or dollar amount of securities but will act as our sales agents using commercially reasonable efforts consistent with their normal trading and sales practices. The ADSs will be offered under the Company’s existing shelf registration statement, including the accompanying base prospectus, on Form F-3, as amended, which was initially filed with the Securities and Exchange Commission (the “SEC”) and became effective on February 21, 2025 (File No. 333-285125). The foregoing summary of the ATM Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, reference to the full text of the ATM Agreement, which is filed herewith as Exhibit 1.1 and incorporated by reference herein. In October 2025, the Company terminated the sales agreement dated December 23, 2024 (the “2024 ATM Agreement”) with Macquarie Capital Limited, Keefe, Bruyette & Woods, Inc., China Renaissance Securities (Hong Kong) Limited, Compass Point Research & Trading, LLC, Craig-Hallum Capital Group LLC, Northland Securities, Inc., Rosenblatt Securities Inc., The Benchmark Company, LLC, and B. Riley Securities Inc. as sales agents. From December 23, 2024 to February 19, 2025, the Company utilized the 2024 ATM Program for fundraising and sold 21,088,579 ADSs with net proceeds of approximately US$42.5 million at an average price of US$2.08 per ADS. The Company did not utilize the 2024 ATM Program after February 19, 2025. A copy of the opinion of Maples and Calder (Hong Kong) LLP relating to the validity of the securities to be issued pursuant to the ATM Agreement is filed herewith as Exhibit 5.1. This current report on Form 6-K is incorporated by reference into the registration statement on Form F-3