Canaan (Nasdaq: CAN) mines 46 BTC, faces 2027 bid deadline
Rhea-AI Filing Summary
Canaan Inc. reported its July 2026 bitcoin mining and infrastructure metrics and outlined recent capital markets actions. The company mined 46 BTC in July, ending the month with a digital asset treasury of 1,917 BTC and 3,952 ETH. Non-joint-venture operations in North America maintained an average miner efficiency of 17.9 J/TH, while joint-venture operations, recovering from prior wildfire-related disruption at Alborz, reached an operating hashrate of 4.20 EH/s and installed hashrate of 4.85 EH/s at month-end.
Across all operations, Canaan reported a month-end installed hashrate of 10.05 EH/s for non-joint-venture sites and an average revenue split of 60.6% (excluding joint-venture ownership). The average all-in power cost was US$0.043/kWh. Management highlighted a flexible treasury approach, including prior authorization to monetize a portion of digital assets to fund repurchases of American Depositary Shares under its existing share repurchase program.
Canaan also completed a transfer of its ADS listing from the Nasdaq Global Market to the Nasdaq Capital Market on July 1, 2026 and received an additional 180-day period, until January 11, 2027, to regain compliance with Nasdaq’s US$1.00 minimum bid price requirement. The company stated that its ADSs continue trading under the symbol CAN while it evaluates options to address the bid-price deficiency.
Positive
- Digital asset treasury of 1,917 BTC and 3,952 ETH provides a significant on-balance-sheet resource that management may monetize to support share repurchases and other capital allocation decisions.
- Canaan maintains relatively low average all-in power costs of US$0.043/kWh, which can support mining economics and resilience in a volatile bitcoin price and network difficulty environment.
- Joint-venture hashrate at Alborz and related projects has stabilized, with operating hashrate of 4.20 EH/s and installed hashrate of 4.85 EH/s, indicating recovery from prior wildfire-related disruption.
Negative
- The company remains out of compliance with Nasdaq’s US$1.00 minimum bid price requirement and has only an additional 180-day period, until January 11, 2027, to regain compliance.
- Transfer of the ADS listing from the Nasdaq Global Market to the Nasdaq Capital Market highlights continued listing risk, despite no immediate effect on the trading status of CAN shares.
Key Figures
Key Terms
hashrate technical
miner efficiency technical
all-in power cost financial
Nasdaq Capital Market regulatory
minimum bid price requirement regulatory
FAQ
How many bitcoins did Canaan Inc. (CAN) mine in July 2026?
What was Canaan Inc.’s digital asset treasury at July 31, 2026?
What mining efficiency and hashrate did Canaan Inc. (CAN) report for July 2026?
What are Canaan Inc.’s average power costs for its bitcoin mining operations?
What is Canaan Inc.’s Nasdaq listing status and bid price compliance deadline?
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 August 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 July 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: August 17, 2026
Exhibit 99.1
Canaan Inc. Provides July 2026 Bitcoin Production and Mining Operation Updates
SINGAPORE, August 17, 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 July 31, 2026.
Management Commentary
“July was a month of continued operational discipline as we navigated a dynamic mining environment,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “We mined 46 bitcoins during the period, bringing our cryptocurrency treasury to 1,917 BTC and 3,952 ETH at the month-end. Across our mining operations, our North American non-JV fleet maintained an average miner efficiency of 17.9 J/TH. Our joint venture operations continued to stabilize following the wildfire-related disruption at Alborz, with operating hashrate increasing steadily to 4.20 EH/s and installed hashrate reaching 4.85 EH/s at month-end.”
Zhang continued, “More broadly, our recently announced authorization for management to use a portion of our cryptocurrency treasury to fund share repurchases reflects a flexible and selective approach to treasury management. Bitcoin generated through our operations provides us with a strategic source of capital that can be monetized and redeployed when we believe market conditions make share repurchases an attractive use of capital and support long-term value creation on a per-share basis.”
“Looking ahead, we view our mining operations as more than a source of computing capacity. Combined with our disciplined approach to capital allocation, we believe Canaan is positioned to expand beyond computing hardware and to build a more integrated computing and energy platform, while creating additional opportunities to generate long-term value for our shareholders.”
July 2026 Bitcoin Mining Updates (unaudited)
| Key Metrics | Results (Rounded Numbers) |
| Bitcoins Mined During the Month | 46 BTC |
| Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet1 | 1,917 BTC 3,952 ETH |
| Month-End Installed Hashrate (EH/s) | Non-JV: 10.05 EH/s JV5: 4.85 EH/s |
| Month-End Operating Hashrate (EH/s)2 | Non-JV: 10.05 EH/s JV5: 4.20 EH/s |
| Month-End Average Revenue Split3 | 60.6% (excluding JV ownership) |
| Average All-in Power Cost During the Month4 | US$0.043/kWh |
July 2026 Bitcoin Mining Infrastructure Updates (unaudited)
| North America | Non-North America | Global | |
| Month-End Average Miner Efficiency | Non-JV: 17.9 J/TH JV5: 24.8 J/TH |
29.3 J/TH | Non-JV: 23.7 J/TH JV5: 24.8 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 July 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 | 12 | 14.24 EH/s | 14.89 EH/s | 0.10 EH/s | 14.99 EH/s |
| America | 4 | 4.90 EH/s | 4.90 EH/s | 0.00 EH/s | 4.90 EH/s |
| JV-WindHQ | 3 | 4.20 EH/s | 4.85 EH/s | 0.00 EH/s | 4.85 EH/s |
| Canada | 1 | 0.06 EH/s | 0.06 EH/s | 0.10 EH/s | 0.16 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 American Depositary Shares (“ADSs”). The repurchases will be executed under the Company’s existing share repurchase program authorized by its board of directors on December 12, 2025. Based on its current market capitalization, the Company is trading below the combined value of its digital asset holdings and cash position as reported on March 31, 2026. Management believes the current market value does not fully reflect the Company's underlying assets and performance, making the deployment of digital assets for share buybacks an allocation of capital that demonstrates confidence in its long-term prospects and could enhance shareholder value.
Completed Transfer to Nasdaq Capital Market and Received an Additional 180-day Compliance Period
On July 1, 2026, Canaan completed the transfer of the listing of its American Depositary Shares from the Nasdaq Global Market to the Nasdaq Capital Market. The Company also applied for an additional 180-day compliance period to regain compliance with Nasdaq's minimum bid price requirement while continuing to execute its long-term energy-plus-compute strategy. On July 15, 2026, the Company announced that it received written notification from The Nasdaq Stock Market LLC granting the Company an additional 180-day compliance period, or until January 11, 2027, to regain compliance with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2). The Company satisfies the continued listing requirement for market value of publicly held shares and all other applicable listing requirements for initial listing on the Nasdaq Capital Market, except for the minimum bid price requirement. The notification has no immediate effect on the listing or trading of Canaan’s ADSs, which will continue trading on the Nasdaq Capital Market under the symbol "CAN." To regain compliance, the closing bid price of the Company's ADSs must reach at least US$1.00 per ADS for a minimum of ten consecutive business days during this period. Management plans to continue monitoring the closing bid price and evaluating all available options to rectify the deficiency while maintaining its current listing on the Nasdaq Capital Market.
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
Media Contact
BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com