CAN Canaan Inc.
Price Chart
Executive Summary
Canaan Inc. reported April 2026 operational metrics via 6-K: self-mined 90 BTC, grew cryptocurrency treasury to a record 1,826 BTC and 3,952 ETH, and increased installed hashrate 34.6% YoY to 10.97 EH/s (non-JV). The company also announced a follow-on order from Tether for custom mining modules. The filing is operationally positive but lacks financial data (revenue, earnings, guidance) — it is a monthly production update, not a quarterly earnings report.
Actionable Insight
Operational momentum is building with record BTC/ETH holdings and expanding hashrate, but the stock remains tied to Bitcoin price and industry margins. Monitor the next 20-F or 6-K for revenue and gross margin data to confirm whether hash rate growth is translating into profitability.
Key Facts
- Self-mined 90 BTC in April 2026, plus 3 BTC from customer payments.
- Record cryptocurrency treasury of 1,826 BTC and 3,952 ETH at month-end.
- Non-JV installed hashrate grew 34.6% YoY to 10.97 EH/s; operating hashrate up 10.6% YoY to 6.86 EH/s.
- Global fleet efficiency improved from 27.4 J/TH to 23.6 J/TH since April 2025.
- Expanded from 9 to 13 active mining projects across 5 countries.
- North American JV (49% stake) reached 4.82 EH/s installed hashrate and 120 MW power capacity.
- Secured follow-on order from Tether for high-density mining hash board modules for immersion-cooled systems.
- Average all-in power cost was US$0.044/kWh during April.
Financial Impact
No revenue or earnings figures provided; treasury value at ~$130M+ based on ~1,826 BTC and ~3,952 ETH at current prices, but exact value not stated.
Risk Factors
- Bitcoin price decline would directly reduce the value of the growing crypto treasury.
- Compressed mining margins cited by management could pressure profitability despite volume growth.
- No financial data (revenue, gross profit, EPS) in this filing — operational metrics alone do not confirm financial health.
- Historical calibration shows prior bullish calls on CAN underperformed at T+20 (avg -7.35%), suggesting market skepticism.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-060767 |
| Document: tm2614627d1_6k.htm | 0001104659-26-060767 |
| Document: 0001104659-26-060767-index-headers.html | 0001104659-26-060767 |
| Document: 0001104659-26-060767-index.html | 0001104659-26-060767 |
| Document: 0001104659-26-060767.txt | 0001104659-26-060767 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
1d ago
|
Institutional Cluster
| $0.3266 awaiting T+5 | awaiting T+5 | — | $0.3200 (−2.02%) |
|
Jun 11, 2026
1d ago
|
6-K
| $0.3213 awaiting T+5 | awaiting T+5 | — | $0.3200 (−0.40%) |
|
May 19, 2026
25d ago
|
6-K
| $0.4170 $0.3950 | ▼ −5.28% | ▼ −7.57% | $0.3200 (−23.26%) |
|
May 19, 2026
25d ago
|
6-K
| $0.4170 $0.3950 | ▼ −5.28% | ▼ −7.57% | $0.3200 (−23.26%) |
|
May 14, 2026
4w ago
|
6-K
| $0.5270 $0.4130 | ▼ −21.63% | ▼ −20.91% | $0.3200 (−39.28%) |
|
Apr 15, 2026
8w ago
|
20-F
| $0.5270 $0.5040 | ▼ −4.36% | ▼ −5.35% | $0.3200 (−39.28%) |
|
Apr 15, 2026
8w ago
|
6-K
| $0.5500 $0.5500 | · 0.00% | ▼ −1.64% | $0.3200 (−41.82%) |
US Market Status
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