Everything in Observer
Business Description
Canaan Inc. (NASDAQ: CAN), founded in 2013 and headquartered in Singapore, designed and shipped the world's first ASIC-based Bitcoin miner under the Avalon brand name, and became the first Bitcoin mining machine manufacturer to list on Nasdaq when it raised $90 million in its November 2019 IPO.
The company's core product line centers on the Avalon series of Bitcoin mining machines. The current flagship, the Avalon A16XP, was unveiled at the Blockchain Life 2025 summit in Dubai in October 2025 and delivers 300 TH/s at 12.8 J/TH power efficiency in an air-cooled configuration, comparable to Bitmain's Antminer S21 class. The A16 base model runs at 282 TH/s at 13.8 J/TH. Earlier in 2025, Canaan fulfilled an order of over 50,000 Avalon A15 Pro miners for a U.S. operator. The consumer-facing Avalon Q, introduced at Mining Disrupt 2025, targets home miners with adjustable power draw between 800W and 1,600W and up to 90 TH/s of hash output. Canaan distributes hardware across 21 countries from manufacturing bases in North America, East Asia, and Southeast Asia, maintaining offices in China, North America, and Central Asia in addition to its Singapore headquarters. Chairman and CEO Nangeng Zhang, who co-founded the company, has led operations since its inception.
Beyond hardware sales, Canaan operates its own Bitcoin mining fleet. According to BitcoinMiningStock.io data as of 2026-03-31, the company holds an installed hashrate of 15.37 EH/s and an operating hashrate of 6.89 EH/s. Self-mined production has trended upward on a sequential basis: 83.00 BTC in January 2026, 86.00 BTC in February 2026, and 89.00 BTC in March 2026. The company's treasury held 1,808.00 BTC and 3,952.00 ETH as of March 31, 2026.
Canaan reported Q3 2025 revenue of $150.5 million (104.4% year-over-year growth), including $118.6 million in product sales and $30.6 million in mining revenue. Total computing power sold exceeded 10.0 EH/s for the quarter, a new record, representing 37.7% year-over-year and 55.6% quarter-over-quarter growth. Q2 2025 revenue reached $100.2 million, roughly 40% above the prior-year period. The company's enterprise value stood at $0.06B as of May 8, 2026. Canaan has also received a strategic investment from Brevan Howard, Galaxy Digital, and Weiss Asset Management.
On April 28, 2026, Canaan extended its collaboration with Tether, securing a follow-on order for high-density mining hash board modules co-developed with Swiss R&D firm ACME Swisstech. The modules integrate into Tether's next-generation immersion-cooled mining and compute systems and are earmarked for a Tether-affiliated facility in South America, extending a 2025 proof-of-concept framework and marking Canaan's entry into modular, component-level hardware supply. The company filed its 2025 Annual Report on Form 20-F with the SEC on April 15, 2026, as it continues to expand both its hardware portfolio and its own operating mining footprint.
