Canaan Inc., a leader in cryptomining, has announced the completion of the conversion of its Series A-1 Preferred Shares into American Depositary Shares (ADSs). The institutional investor involved in this financing has fully converted its holdings, with each ADS representing 15 of Canaan's Class A ordinary shares. Following the conversion, all ADSs have been sold through open market transactions. Initially, Canaan had secured up to $200 million through a Securities Purchase Agreement with the investor. However, both parties agreed to terminate the second tranche, effective April 30, 2025. The company expressed gratitude for the investor's support in its R&D initiatives and global market expansion, which contributed to a significant increase in its deployed hashrate, particularly in its green mining operations in Ethiopia and North America.