Canaan Stock Falls Despite Strongest Quarter in 3 Years
Crypto miner and hardware manufacturer Canaan fell 6.9% on the Nasdaq on Tuesday to $0.56, even as it reported fourth-quarter revenue of $196.3 million, a 121.1% increase year-on-year, supported by higher equipment sales and improved mining results.
The firm said Bitcoin (BTC) mining revenue rose 98.5% from a year earlier to $30.4 million, lifting its Bitcoin holdings to a record 1,750 BTC, valued at nearly $120 million. Canaan also expanded its Ether (ETH) position to 3,950 ETH, worth $7.9 million.
The revenue total marked Canaan’s strongest quarter in three years. The company shipped a record 14.6 exahashes per second (EH/s) of computing power during the period, driven in part by sales of Bitcoin mining machines.
On the mining side, the Singapore-based firm said it expanded installed hashrate to 9.91 EH/s, with 7.65 EH/s operational during the quarter. Industrywide, Bitcoin network hashrate has declined from a mid-October peak of 1,150 EH/s to 980 EH/s as some miners retire unprofitable machines and shift toward AI and high-performance computing. You can track this shift using the Blockchain Explorer.
Despite the Q4 results, Canaan (CAN) shares fell another 6.87% to $0.56, according to Google Finance, placing it among the weakest performers of the 15 largest Bitcoin miners by market capitalization.
Canaan’s Nasdaq delisting risk intensifies
At $0.56, the stock is down 18.1% year-to-date and 70.2% over the past 12 months.
On Jan. 16, Canaan disclosed it received a notice from Nasdaq stating it must lift its share price above $1 to satisfy the exchange’s minimum bid requirement or face potential delisting.
Nasdaq granted 180 days, until July 13, to regain compliance, which requires a closing bid price of at least $1 for a minimum of 10 consecutive trading sessions.
Canaan last closed above $1 on Nov. 28, 2025.
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