Canaan Inc.
CAN · NASDAQMinerHighChina (Cayman Islands incorporated)
BTC held
1,917
as of Jul 31, 2026 · 0.009% of 21M
Value now
$147M
at BTC $76,917
Basic mNAV
1.92×
mkt cap $283M as of Aug 31, 2026
Sats per share
257
745M shares as of Aug 31, 2026
Cost basis
- Average cost per BTC
- —
- Total invested
- —
- Unrealized gain
- —
Treasury debt
- Series A-1 convertible preferred shares (first tranche of up to $200M SPA, closed March 10, 2025; second tranche terminated April 2025). Fully converted into ADSs and sold by the investor by July 29, 2025 — no longer outstanding. Proceeds funded mining expansion, not direct BTC purchases.$100M
- Earlier Series A convertible preferred shares raised across three tranches Dec 2023–Sep 2024 ($25M + $50M + $50M, $4.00 fixed conversion price) to fund North American mining sites and equipment; convertible after six months. Historical/dilutive context rather than BTC-purchase funding.$125M
Recent activity
Canaan accumulates mined coins rather than buying: its treasury grew from 1,793 BTC (February 2026) to 1,917 BTC plus 3,952 ETH as of July 31, 2026, after mining 46 BTC in July and 64 BTC in June 2026 (figures include receivables, exclude customer deposits). No BTC sales were disclosed in the 2026 monthly updates.
Risk notes
The treasury is a byproduct of a low-margin ASIC-manufacturing and mining business running a ~$213M TTM net loss, funded by repeated dilutive financings (Series A and A-1 convertible preferreds now converted to ADSs, swelling the share count to ~745M). Average cost per BTC is not disclosed since coins are mined or received as miner-sale payments; the stock trades near $0.38, down sharply within its $0.15–$2.22 52-week range.
Sources
- https://www.prnewswire.com/news-releases/canaan-inc-provides-june-2026-bitcoin-production-and-mining-operation-updates-302825099.html
- https://investor.canaan-creative.com/news-releases/news-release-details/canaan-inc-provides-july-2026-bitcoin-production-and-mining
- https://www.stocktitan.net/news/CAN/canaan-inc-provides-july-2026-bitcoin-production-and-mining-mdsqoa2vp7am.html
- https://www.prnewswire.com/news-releases/canaan-inc-enters-into-securities-purchase-agreement-for-series-a-1-preferred-shares-financing-and-completes-first-tranche-closing-302397462.html
- https://www.morningstar.com/news/pr-newswire/20250729cn39472/canaan-inc-announces-completion-of-conversion-of-the-previously-announced-series-a-1-preferred-shares
- https://www.stocktitan.net/news/CAN/canaan-inc-closes-third-tranche-of-preferred-shares-r12fuajf6m9v.html
- https://stockanalysis.com/stocks/can/
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding CAN securities.