Canaan Reports 68% Revenue Drop Amid Record Bitcoin Holdings
Crypto mining hardware manufacturer Canaan (Nasdaq: CAN) reported a significant revenue decline in Q2 2026, with total revenue falling to $31.9 million from $100.2 million the previous year—a 68% drop. Product and crypto mining revenues both declined sharply due to lower Bitcoin prices affecting demand for equipment and profitability. Canaan mined a record amount of Bitcoin in Q2 2025, holding over 1,915.5 BTC as of June 30, but sold some holdings recently to raise cash. The company used part of the proceeds from these sales for share repurchases. Despite challenges, Canaan emphasized that its long-term digital asset strategy remains unchanged. The stock was trading flat at $0.32 around the time of reporting.
Tickers: $CAN
Topics: Bitcoin mining crypto hardware sales treasury holdings