Canaan faces significant revenue headwinds as mining equipment demand wanes, prompting the firm to liquidate its Ethereum holdings and initiate share buybacks to stabilize investor confidence.
Canaan's core mining-equipment revenue fell sharply year-over-year, and the crypto sales and buyback do not fully offset the decline.
Falling bitcoin prices are reducing Canaan's mining revenue and equipment demand, and the company sold some BTC at $79,000.
Canaan liquidated its entire 3,952 ETH position at approximately $2,400 per Ethereum.
Canaan Inc. reported a sharp decline in core mining-equipment revenue, falling to $13.6 million from $71.9 million year-over-year. To bolster shareholder value, the company liquidated its entire 3,952 ETH position and sold 54 BTC, using a portion of the $13.9 million proceeds to repurchase 13.6 million ADSs. Despite these efforts, institutional sentiment remains stagnant with only six hedge funds holding positions.
Canaan liquidated its 3,952 ETH position at approximately $2,400 per token to generate liquidity, which was partially used to fund a $5.4 million share buyback program.
Canaan mined 44 BTC in August 2026 and maintains a non-JV installed hashrate of 10.05 EH/s, while continuing to develop a compute heat recovery greenhouse project in Canada.