Canaan Inc. Extends Collaboration with Tether on New Form Factors for Mining and Compute Systems
Rhea-AI Summary
Canaan (NASDAQ: CAN) secured a follow-on order from Tether for custom high-density Avalon hash board Modules, developed under a 2025 R&D framework and tested in a POC with ACME Swisstech. The Modules support immersion-cooled mining and compute systems and will deploy to a Tether-affiliated facility in South America. The agreement includes an option for additional future volume and emphasizes modular architecture, system-level integration, and optimized thermal and hash-rate control for large-scale operations.
Positive
- Follow-on order secured from Tether for custom high-density Modules
- Deployment planned to a Tether-affiliated South America mining facility
- Modules integrate with immersion-cooled systems enabling higher compute density
- Agreement includes option for additional module purchases in future phases
Negative
- No financial terms disclosed for the follow-on order or option
- Deployment scale and revenue impact remain unspecified in the announcement
News Market Reaction – CAN
On the day this news was published, CAN declined 2.23%, reflecting a moderate negative market reaction. This price movement removed approximately $9M from the company's valuation, bringing the market cap to $384.06M at that time.
Data tracked by StockTitan Argus on the day of publication.
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 15 | Annual report filing | Negative | -4.3% | 20-F highlighted sustained losses, cash flow pressure, and China regulatory risks. |
| Apr 15 | Mining update | Positive | +7.5% | March BTC production, record BTC/ETH treasury, and expanded global power capacity. |
| Mar 31 | Conference appearance | Positive | +11.8% | Jefferies Power x Data Center conference presentation by senior capital markets executive. |
| Mar 10 | Mining update & JV deal | Positive | -6.2% | February BTC production, treasury growth, and all-share acquisition of Texas JV stake. |
| Mar 3 | Insider share purchases | Positive | -5.7% | CEO and CFO bought 1,456,547 ADSs in the open market at US$0.51. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Operational and crypto-focused updates have often seen mixed reactions, with some positive mining and insider news followed by price declines despite constructive fundamentals.
Over the last two months, Canaan released multiple updates on mining operations, capital markets activity, and governance. Crypto production reports in February and March 2026 highlighted growing BTC/ETH treasuries and expanded hashrate, while a 20-F detailed ongoing losses tied to crypto cycles and China-related risks. Insider open-market ADS purchases on March 3, 2026 and a Jefferies conference appearance underscored efforts to signal confidence and engage investors. Today’s Tether collaboration extends this operational narrative around high-density, modular bitcoin mining solutions.
Key Terms
hash boards technical
modular architecture technical
immersion-cooled technical
ASIC chips technical
hash rate control technical
compute density technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Canaan has successfully developed customized hash boards for Tether under a pre-agreed R&D framework
Modular architecture enables higher compute density, reduced waste, simplified maintenance, and easier upgrade capability
The agreement follows a successful proof-of-concept (POC) R&D project in 2025 in collaboration with Tether and ACME Swisstech, a Swiss based R&D company developing innovative mining system solutions. The follow-on order will be deployed to a Tether-affiliated mining facility in
The Modules form part of Canaan's next-generation modular mining and compute hardware platform built around its advanced ASIC chips. This approach enables flexible integration into partner-designed systems, particularly for immersion-cooled deployments.
The system designed by ACME Swisstech integrates Canaan's modular platform to deliver an innovative, integrated bitcoin mining solution that offers several advantages over traditional mining system designs by decoupling the compute layer from power supply and enclosure components, including improved efficiency, reliability, and uptime in large-scale operations.
"As a leader at the forefront of market trends, we are seeing growing demand for modular, high-performance hardware that can be integrated directly into customer-designed systems," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Leveraging our strong ASIC design expertise and flexible development platform, we are delivering customized hash board solutions that enable partners to optimize system architecture at the component level. Our Avalon hash board module enables more flexible, on-demand deployment at the component level while improving efficiency and reducing operational complexity, particularly in immersion-cooled systems. We believe this reflects a broader industry shift toward greater control and customization of compute infrastructure across a wide range of users, from individual users and small businesses to large-scale miners."
"Most mining infrastructure is still built as sealed, fixed units, which makes it expensive to scale and inefficient to run. Tether is revisioning that concept by deploying modular compute that can be tuned, upgraded, and cooled independently, so we can directly control cost, efficiency, and how these systems perform at scale," said Paolo Ardoino, CEO of Tether.
"The close collaboration with Canaan and Tether allows us to design and deliver mining systems that are radically different from today's plug-and-play, retail-oriented products in the market and take a holistic, industrial co-design approach aimed for large-scale operations," said Giv Zanganeh, president of ACME Swisstech.
The agreement also includes an option for Tether to purchase additional module volume in future phases, supporting potential expansion as deployments scale.
The collaboration reflects a broader trend toward partner-driven, modular mining architectures, where infrastructure operators design optimized systems around high-performance compute building blocks.
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.
About Tether
Tether is the issuer of USDT, the world's largest and most widely adopted stablecoin. As a leading blockchain technology company, Tether contributes to the wider Bitcoin mining community with open-source mining software solutions to support efficient and scalable Bitcoin network growth.
About ACME Swisstech
ACME Swisstech is a Swiss-based R&D and project management company designing and delivering hardware and software solutions for industrial scale data centers for Bitcoin mining.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com
Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com
Public Relations Contact
BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com
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SOURCE Canaan Inc.