Crypto miner Canaan sinks 7% despite strongest quarter in 3 years

Crypto miner and shaper Canaan fell 6.9% connected the Nasdaq connected Tuesday contempt reporting a 121.1% year-on-year summation successful gross to $196.3 cardinal successful the 4th quarter, driven by an summation successful hardware income and stronger mining performance.

Canaan reported that its Bitcoin (BTC) mining gross roseate 98.5% year-on-year to $30.4 million, helping boost its Bitcoin treasury to a grounds 1,750 BTC, valued astatine astir $120 million, portion the institution besides accrued its Ether (ETH) holdings to 3,950 ETH, worthy $7.9 million.

The gross fig is Canaan’s highest quarterly posting successful 3 years, and was besides driven by Bitcoin mining instrumentality sales, with the institution shipping a grounds 14.6 exahashes per 2nd (EH/s) of computing powerfulness during the quarter.

Canaan’s 2025 show snapshot pursuing its Q4 fiscal report. Source: Canaan

Canaan said computing powerfulness income were supported by a “milestone order” from a US-based organization miner, helping it acceptable a caller quarterly grounds for computing powerfulness income and execute a 60% year-on-year increase.

On the mining front, the Singapore-based institution said it expanded its installed hashrate to 9.91 EH/s, with 7.65 EH/s operational during the quarter.

Bitcoin web hashrate has fallen from a grounds 1,150 EH/s successful mid-October to 980 EH/s arsenic miners proceed to unplug unprofitable machines and pivot to AI and high-performance computing.

Despite the beardown Q4 performance, Canaan (CAN) shares tanked different 6.87% to $0.56, Google Finance data shows, making it 1 of the lowest performers among the 15 largest Bitcoin miners by marketplace cap.

Canaan’s alteration successful stock terms implicit the past 12 months. Source: Google Finance

Canaan’s hazard of Nasdaq delisting worsens

At its existent terms of $0.56, the institution is present down 18.1% year-to-date and 70.2% implicit the past 12 months. 

On Jan. 16, Canaan said it received a missive from the Nasdaq informing that it indispensable summation its stock terms to supra $1 to conscionable the banal exchange’s minimum bid regularisation oregon hazard being delisted.

Related: Bitcoin ETFs widen rebound arsenic $145M successful caller inflows deed market 

The Nasdaq gave the Singapore institution 180 days, until July 13, to regain compliance with the rule, which requires its closing bid terms to deed astatine slightest $1 for a minimum of 10 consecutive trading days. Canaan past closed supra $1 connected Nov. 28, 2025.

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