Crypto miner and producer Canaan fell 6.9% on the Nasdaq on Tuesday regardless of reporting a 121.1% year-on-year boost in income to $196.3 million in the 4th quarter, driven by a boost in hardware sales and more powerful mining efficiency.
Canaan reported that its Bitcoin (BTC) mining income increased 98.5% year-on-year to $30.4 million, assisting improve its Bitcoin treasury to a record 1,750 BTC, valued at almost $120 million, while the business likewise increased its Ether (ETH) holdings to 3,950 ETH, worth $7.9 million.
The income figure is Canaan’s greatest quarterly publishing in 3 years, and was likewise driven by Bitcoin mining maker sales, with the business delivering a record 14.6 exahashes per 2nd (EH/s) of calculating power throughout the quarter.
Canaan stated computing power sales were supported by a “turning point order” from a US-based institutional miner, assisting it set a brand-new quarterly record for calculating power sales and accomplish a 60% year-on-year boost.
On the mining front, the Singapore-based business stated it broadened its set up hashrate to 9.91 EH/s, with 7.65 EH/s functional throughout the quarter.
Bitcoin network hashrate has actually fallen from a record 1,150 EH/s in mid-October to 980 EH/s as miners continue to disconnect unprofitable devices and pivot to AI and high-performance computing.
In spite of the strong Q4 efficiency, Canaan (CAN) shares tanked another 6.87% to $0.56, Google Financing information programs, making it among the most affordable entertainers amongst the 15 biggest Bitcoin miners by market cap.
Canaan’s threat of Nasdaq delisting worsens
At its present rate of $0.56, the business is now down 18.1% year-to-date and 70.2% over the last 12 months.
On Jan. 16, Canaan stated it got a letter from the Nasdaq caution that it should increase its share rate to above $1 to fulfill the stock market’s minimum quote guideline or threat being delisted.
Related: Bitcoin ETFs extend rebound as $145M in fresh inflows struck market
The Nasdaq provided the Singapore business 180 days, till July 13, to restore compliance with the guideline, which needs its closing quote rate to strike a minimum of $1 for a minimum of 10 successive trading days. Canaan last closed above $1 on Nov. 28, 2025.
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