Canaan Ventures announced its unaudited financial report for the third quarter of 2023, in which revenue in the third quarter was US$33.3 million, a year-on-year decrease of 54.9%; mining revenue was US$3.3 million, a year-on-year decrease of 64.6%; net income in the third quarter was US$3.3 million, a year-on-year decrease of 64.6% The loss was US$80.1 million; as of September 30, Canaan held a total of 1,238.5 BTC, with a market value of US$30.5 million, including 860 BTC held by the company and 378.5 customer deposits; as of September 30, 2023 , the company has cash and cash equivalents of $40.6 million.
In addition, on November 27, Canaan Vision signed a securities purchase agreement with institutional investors to issue and sell up to 125,000 Series A convertible preferred shares to investors at a price of US$1,000 per preferred share. Canaan Intelligentsia intends to use the net proceeds from the sale of securities for research and development, expansion of production scale and other general corporate purposes.
Cointelegraph