Canaan (NASDAQ: CAN) expands West Texas mining JV and boosts crypto reserves
Rhea-AI Filing Summary
Canaan Inc. reported its unaudited bitcoin mining and infrastructure metrics for February 2026 and highlighted recent strategic moves. The company mined 86 BTC in the month and ended February with a record treasury of 1,793 BTC and 3,952 ETH, with an estimated value of US$128 million, excluding joint venture assets.
Canaan’s deployed hashrate reached 14.75 EH/s, including about 4.4 EH/s at the Alborz, Bear and Chief Mountain data centers in West Texas, where it acquired a 49% stake via a non-cash equity issuance valued at roughly US$39.75 million. Installed power capacity in North America totaled 98.4 MW for non-joint venture sites and 120 MW for the joint venture.
The company cited an average all-in power cost of US$0.044/kWh in February and a 59.0% month-end average revenue split for non-joint venture ownership. Management also noted that the CEO and CFO purchased 1,456,547 ADSs in the open market at an average price of US$0.51 per ADS, and reiterated previously reported unaudited fourth quarter 2025 revenue of US$196.3 million, up 121.1% year over year, including US$30.4 million from bitcoin mining.
Positive
- Total revenues reached US$196.3 million in Q4 2025, an increase of 121.1% year over year, signaling very strong top-line growth from both equipment and mining operations.
- Crypto reserves rose to a record 1,793 BTC and 3,952 ETH as of February 28, 2026, with an estimated value of US$128 million, enhancing balance sheet flexibility tied to digital assets.
- Infrastructure expansion continued with the acquisition of Cipher’s 49% interest in West Texas ABC Projects, adding about 4.4 EH/s of operational hashrate and 120 MW of power capacity via a US$39.75 million equity issuance.
- Insider open market purchases by the CEO and CFO totaled 1,456,547 ADSs at an average of US$0.51 per ADS, increasing their shareholdings and aligning management more closely with other shareholders.
Negative
- None.
Insights
Canaan is scaling hashpower and energy assets while building a larger crypto treasury.
Canaan shows a strategy centered on owning both mining capacity and underlying energy infrastructure. February output of 86 BTC is modest versus its 14.75 EH/s deployed hashrate, but the record holdings of 1,793 BTC and 3,952 ETH support a treasury-focused approach.
The acquisition of Cipher’s 49% interest in the West Texas ABC Projects adds about 4.4 EH/s of operational hashrate and 120 MW of power capacity, completed via a US$39.75 million equity issuance at US$0.74 per ADS. This deepens exposure to ERCOT grid dynamics, including demand response and energy arbitrage, which can influence realized mining economics.
Previously reported Q4 2025 revenue of US$196.3 million, up 121.1% year over year, with US$30.4 million from bitcoin mining, indicates rapid scaling from a low base. The February average all-in power cost of US$0.044/kWh and non-joint venture miner efficiency figures suggest cost discipline will be important as the company pursues further growth in America, Ethiopia and other regions.
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 March 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 February 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: March 10, 2026
Exhibit 99.1
Canaan Inc. Provides February 2026 Bitcoin Production and Mining Operation Updates
Doubles down on energy strategy with West Texas joint venture
SINGAPORE, March 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending February 28, 2026.
Management Commentary
“Our continued strategic execution highlights the importance of integrating energy resources into our strategy as we strengthen our focus on expanding our US footprint and continuing our long-standing track record of operational excellence,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “In February, we produced 86 BTC, bringing our total cryptocurrency holdings to a record-high treasury of 1,793 BTC and 3,952 ETH, with an estimated value of US$128 million, excluding the digital assets held by our joint venture. As we maintain a long-term perspective on building and managing our digital asset treasury, these reserves further reinforce the strength and resilience of our balance sheet.”
Zhang continued, “Our mining fleet also continued to expand. By month end, our deployed hashrate reached 14.75 EH/s, including approximately 4.4EH/s at Alborz, Bear and Chief Mountain data centers, which we have acquired a 49% stake in a groundbreaking transaction that brought Cipher on board as a significant shareholder. With that acquisition, we further expanded our North American footprint and strengthened Canaan’s energy strategy, adding 120 MW of power capacity at highly competitive average rates of below US$0.03/kWh to our existing 98.4 MW of installed capacity in North America.
“With our recent expansion in West Texas, we are advancing Canaan’s broader energy strategy, deepening our integration with high-quality power resources, scaling in strategically advantaged markets, and expanding the growth potential of our mining business. As our infrastructure footprint expands, our disciplined power procurement strategy, growing operational scale, and continued efficiency improvements position us to navigate market volatility with resilience, strengthening our role as a leader in energy-integrated digital infrastructure.”
February 2026 Bitcoin Mining Updates (unaudited)
| Key Metrics | Results (Rounded Numbers) |
| Bitcoins Mined During the Month | 86 BTC |
| Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet1 | 1,793 BTC 3,952 ETH |
| Month-End Deployed Hashrate (EH/s) | Non-JV: 10.35 EH/s JV4: 4.4 EH/s |
| Month-End Operating Hashrate (EH/s) | Non-JV: 6.90 EH/s JV4: N/A |
| Month-End Average Revenue Split2 | 59.0% (Non-JV ownership) |
| Average All-in Power Cost During the Month3 | US$0.044/kWh |
February 2026 Bitcoin Mining Infrastructure Updates (unaudited)
| North America | Non-North America | Global | |
| Month-End Average Miner Efficiency | Non-JV: 19.2 J/TH JV4: 25.7 J/TH |
29.0 J/TH | Non-JV: 24.0 J/TH JV4: 25.7 J/TH |
| Month-End Installed Power Capacity | Non-JV: 98.4 MW JV4: 120 MW |
157.5 MW | Non-JV: 255.9 MW JV4: 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, excluding bitcoins and ETH that the Company has received as customer deposits. |
| 2. | 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. |
| 3. | Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized. |
| 4. | “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 February 28, 2026)：
| Regions in alphabetical order (A to Z) | Active Mining Projects Count | Energized Computing Power5 | Installed Computing Power6 | Expected Computing Power7 | Estimated Total Computing Power8 | |||||
| Global | 13 | 11.30 EH/s | 14.75 EH/s | 0.32 EH/s | 15.07 EH/s | |||||
| America | 5 | 3.53 EH/s | 5.24 EH/s | 0.00 EH/s | 5.24 EH/s | |||||
| JV-WindHQ | 3 | 4.40 EH/s | 4.40 EH/s | 0.00 EH/s | 4.40 EH/s | |||||
| Canada | 1 | 0.00 EH/s | 0.00 EH/s | 0.16 EH/s9 | 0.16 EH/s | |||||
| Ethiopia | 2 | 3.26 EH/s | 4.99 EH/s | 0.16 EH/s9 | 5.15 EH/s | |||||
| Middle East | 1 | 0.03 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:
| 5. | 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. |
| 6. | Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any. |
| 7. | Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed. |
| 8. | Defined as the sum of Installed Computing Power and Expected Computing Power. |
| 9. | Equipment is in transit to the project sites. |
Recent Corporate Updates:
Announced CEO and CFO’s Increased Shareholdings Through Open Market Purchases
On March 3, 2026, the Company announced that Chairman and Chief Executive Officer Nangeng Zhang and Chief Financial Officer Jin “James” Cheng purchased an additional 1,456,547 ADSs in the open market at an average price of US$0.51 per ADS, in compliance with the Company’s internal trading policies and applicable securities regulations. The purchases further align management with shareholder interests and reflect their continued confidence in the Company’s long-term strategy and growth prospects.
Acquired Cipher Mining’s 49% Interest in ABC Projects Totaling ~4.4 EH/s in West Texas
On February 23, 2026, the Company acquired Cipher Mining Inc.’s (NASDAQ: CIFR) 49% equity interest in a joint venture in West Texas, comprising Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"), and totaling approximately 4.4 EH/s of operational hashrate capacity. The transaction was completed through a non-cash equity issuance at US$0.74 per ADS, with total consideration of approximately US$39.75 million, making Cipher a significant shareholder of the Company. The transaction also includes the purchase of 6,840 Avalon® A15Pro mining machines, which further expands the Company’s self-mining scale and U.S. power infrastructure footprint. The ABC Projects bring significant experience in demand response and energy arbitrage within the ERCOT grid, reinforcing the Company’s strategy to enhance grid stabilization and operational flexibility amid rising data center demand.
Reported Unaudited Fourth Quarter and Full Year 2025 Financial Results
On February 10, 2026, the Company reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025. Total revenues were US$196.3 million in 4Q25, representing an increase of 121.1% YoY. Bitcoin mining revenues reached US$30.4 million, with deployed hashrate exceeding 10 EH/s and operating hashrate reaching 6.63 EH/s by period end. As of year-end, the Company maintained a solid liquidity position, including cryptocurrency reserves of 1,750 BTC and 3,951 ETH.
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.
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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