Canaan Inc. Reports Record Cryptocurrency Treasury Amid Q2 Financial Results
Canaan Inc., a leading provider of compute and energy infrastructure, reported its unaudited financial results for the second quarter of 2026. The company mined 243 bitcoins during the period and expanded its cryptocurrency treasury to record levels—1,915 BTC and 3,952 ETH—as of June 30, 2026. Despite challenges such as renewed bitcoin price pressure, weaker mining economics, and seasonal power constraints, Canaan maintained a competitive all-in power cost of approximately $0.04/kWh across its operations. The company generated total revenue of $31.9 million in Q2 2026, with product revenue at $13.6 million and mining revenue at $17.7 million. Canaan also repurchased around 16.4 million ADSs for a total value of $7.4 million as part of its disciplined capital allocation strategy. The firm continued to upgrade its mining fleet through Project ABC, achieving an installed hashrate of 4.85 EH/s by the end of July. Canaan's leadership emphasized efforts in optimizing product lines and exploring compute-to-heat reuse applications while advancing long-term power resource initiatives in North America.
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Topics: cryptocurrency mining_output share_repurchase treasury