Canaan mines 44 BTC, buys back 13.6M ADSs
Canaan Inc. combined modest August bitcoin production with sizable crypto monetization to fund ADS buybacks and advance its Canadian compute heat recovery project.
Rhea-AI Filing Summary
Canaan Inc. (CAN) reported its unaudited bitcoin mining and operations update for August 2026, highlighting both production and capital allocation moves. The company mined 44 BTC during the month and ended August with a non-joint-venture installed hashrate of 10.05 EH/s and joint-venture installed hashrate of 4.92 EH/s, supported by an average all-in power cost of US$0.043/kWh. Month-end digital asset holdings were 1,868 BTC and no ETH.
Canaan converted part of its digital asset treasury into cash by selling 3,952 ETH and 54 BTC at average prices of about US$2,400 per ETH and US$79,000 per BTC, generating roughly US$13.9 million. It used US$5.4 million of this to repurchase approximately 13.6 million ADSs, bringing total ADSs repurchased this year to about 16.4 million. The company also noted that computing equipment has arrived and installation is underway at its Canadian compute heat recovery greenhouse project, supporting its strategy to build an integrated computing and energy platform.
Positive
- US$5.4 million deployed to repurchase about 13.6 million ADSs, funded from monetizing digital assets, signaling management’s confidence and a direct return of capital to shareholders.
- Maintained substantial bitcoin mining scale with 10.05 EH/s non-JV and 4.92 EH/s JV installed hashrate at an average all-in power cost of only US$0.043/kWh, supporting competitive unit economics.
- Progress at the Canadian compute heat recovery greenhouse project, with computing equipment on site and installation underway, advances Canaan’s integrated computing and energy infrastructure strategy.
Negative
- None.
Key Figures
Key Terms
hashrate technical
all-in power cost financial
miner efficiency technical
compute heat recovery technical
forward-looking statements regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much bitcoin did Canaan Inc. (CAN) mine in August 2026?
What were Canaan Inc. (CAN)'s digital asset holdings at the end of August 2026?
How much crypto did Canaan Inc. (CAN) monetize and what were the prices?
How many ADSs did Canaan Inc. (CAN) repurchase in August 2026 and for how much?
What is Canaan Inc. (CAN)'s current mining hashrate and power cost?
What progress did Canaan Inc. (CAN) report on its Canadian compute heat recovery project?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number: 001-39127
Canaan Inc.
28 Ayer Rajah Crescent
#06-08
Singapore 139959
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBITS
| Exhibit No. | Description | |
| Exhibit 99.1 | Canaan Inc. Provides August 2026 Bitcoin Production and Mining Operation Updates |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Canaan Inc. | ||
| By: |
/s/ Nangeng Zhang | |
| Name: | Nangeng Zhang | |
| Title: | Chairman and Chief Executive Officer | |
Date: September 14, 2026
Exhibit 99.1
Canaan Inc. Provides August 2026 Bitcoin Production and Mining Operation Updates
Sold all ETH holdings and 54 BTC near short-term highs and repurchased 13.6 million ADSs
Equipment installation set to begin at Canadian compute heat recovery project
SINGAPORE, Sept. 14, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in compute and energy infrastructure, today released its unaudited bitcoin mining update for the month ending August 31, 2026.
Management Commentary
“August was a month of steady execution and active capital allocation for the Company,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “We mined 44 BTC during the month and maintained our non-JV installed hashrate at 10.05 EH/s, supported by the competitive all-in power cost. Our joint venture installed hashrate continued to advance, reaching 4.92 EH/s at month-end.”
Zhang continued, “In late August, we began converting a portion of our digital asset treasury into shareholder value. We sold our entire Ethereum position of 3,952 ETH along with 54 BTC at average prices of approximately US$2,400 per ETH and US$79,000 per BTC, respectively, reflecting the relatively favorable market conditions at the time and generating approximately US$13.9 million in cash. We used a portion of the proceeds to repurchase approximately 13.6 million American Depositary Shares (“ADSs”), bringing total repurchased ADSs to approximately 16.4 million since the beginning of the year. At month-end, we hold 1,868 BTC and remain committed to a strategic digital asset treasury. Our ability to produce bitcoin at a competitive cost provides a source of capital generated through our own operations, giving us flexibility in allocating capital toward long-term per-share value.”
“We continue to build toward a more integrated computing and energy platform. At our compute heat recovery greenhouse project in Canada, the computing equipment has arrived on site, with installation now underway ahead of the winter heating season. Through disciplined capital allocation and continued execution of our energy efficiency initiatives, we remain focused on building a more resilient platform and creating sustainable value for our shareholders.”
August 2026 Bitcoin Mining Updates (unaudited)
| Key Metrics | Results (Rounded Numbers) |
| Bitcoins Mined During the Month | 44 BTC |
| Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet1 | 1,868 BTC 0 ETH |
| Month-End Installed Hashrate (EH/s) | Non-JV: 10.05 EH/s JV5: 4.92 EH/s |
| Month-End Operating Hashrate (EH/s)2 | Non-JV: 10.05 EH/s JV5: 4.11 EH/s |
| Month-End Average Revenue Split3 | 60.6% (excluding JV ownership) |
| Average All-in Power Cost During the Month4 | US$0.043/kWh |
August 2026 Bitcoin Mining Infrastructure Updates (unaudited)
| North America | Non-North America | Global | |
| Month-End Average Miner Efficiency | Non-JV: 17.9 J/TH JV5: 24.7 J/TH |
29.3 J/TH
|
Non-JV: 23.7 J/TH JV5: 24.7 J/TH |
| Month-End Installed Power Capacity | Non-JV: 88.7 MW JV5: 120 MW |
157.5 MW
|
Non-JV: 246.2 MW JV5: 120 MW |
Notes:
| 1. | Defined as the total number of bitcoins and ETH owned by the Company on its balance sheet, including any bitcoins and ETH receivable, and excluding bitcoins and ETH received as customer deposits. |
| 2. | Defined as the operating hashrate that could theoretically be generated by all energized mining machines as of month-end, including machines that may be temporarily offline, and applies only to non-JV operations. |
| 3. | Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized. |
| 4. | Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized. |
| 5. | “JV” represents the Company’s 49% stake in the Alborz, Bear, and Chief Mountain facilities in West Texas. JV metrics are shown separately and are not included in bitcoin production or average all-in power cost calculations. |
| Current Mining Projects (As of August 31, 2026): | ||||||||||
| Regions in alphabetical order (A to Z) | Active Mining Projects Count | Operating Computing Power6 | Installed Computing Power7 | Expected Computing Power8 | Estimated Total Computing Power9 | |||||
| Global | 13 | 14.15 EH/s | 14.96 EH/s | 0.27 EH/s | 15.23 EH/s | |||||
| America | 4 | 4.90 EH/s | 4.90 EH/s | 0.00 EH/s | 4.90 EH/s | |||||
| JV-WindHQ | 3 | 4.11 EH/s | 4.92 EH/s | 0.00 EH/s | 4.92 EH/s | |||||
| Canada | 2 | 0.06 EH/s | 0.06 EH/s | 0.27 EH/s | 0.33 EH/s | |||||
| Ethiopia10 | 2 | 4.96 EH/s | 4.96 EH/s | 0.00 EH/s | 4.96 EH/s | |||||
| Middle East | 1 | 0.04 EH/s | 0.04 EH/s | 0.00 EH/s | 0.04 EH/s | |||||
| Malaysia | 1 | 0.08 EH/s | 0.08 EH/s | 0.00 EH/s | 0.08 EH/s | |||||
Notes:
| 6. | Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized were currently in operation, including mining machines that may be temporarily offline, and applies only to non-JV operations. |
| 7. | Defined as the sum of Operating Computing Power and computing power that has been installed but not yet in operation, if any. |
| 8. | Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed. |
| 9. | Defined as the sum of Installed Computing Power and Expected Computing Power. |
| 10. | Canaan has paused its mining operations in Ethiopia, but its hashrate remains part of the Company’s installed hashrate. |
Recent Corporate Updates:
Authorized Share Repurchase Using Portion of Digital Asset Treasury
On August 4, 2026, the Company announced that it authorized its management to monetize a portion of its digital asset treasury to fund repurchases of its ADSs. The repurchases will be executed under the Company’s existing share repurchase program authorized by its board of directors on December 12, 2025. Management believes the current market value does not fully reflect the Company's underlying assets and performance. The decision to allocate a portion of digital asset treasury toward ADS repurchases reflects management’s confidence in the Company’s strategy and represents a disciplined approach to capital allocation, focused on enhancing long-term shareholder value.
As of September 14, 2026, the Company had monetized 3,952 ETH and 54 BTC for US$13.9 million in cash and deployed US$5.4 million to repurchase 13.6 million ADSs in late August.
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/.
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
Media Contact
BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com