Welcome to our dedicated page for Canaan SEC filings (Ticker: CAN), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Canaan Inc.’s SEC filings document a foreign private issuer whose business centers on ASIC chip design, Avalon mining equipment, computing hardware, software services, and bitcoin mining operations. Its Form 20-F annual reports and Form 6-K current reports disclose operating results, mining production metrics, cryptocurrency treasury balances, power capacity, fleet efficiency, customer and R&D collaborations, and risk-related business updates.
The filings also record ADS and Class A ordinary share matters, registration-statement incorporation, open-market management purchases, share repurchase activity, beneficial ownership references, and material transactions such as Canaan’s completed acquisition of interests in the Alborz, Bear and Chief Mountain mining projects. Other current reports address Nasdaq minimum bid-price notifications and foreign-issuer governance and reporting obligations.
Canaan Inc. reports that Cipher Digital Inc. and its subsidiary Cipher Mining Technologies Inc. each beneficially own 806,439,900 Class A ordinary shares, representing approximately 7.7% of the Class A shares outstanding.
These holdings include 210,049,718 shares held directly by Cipher Black Pearl LLC and 596,390,182 shares held directly by Cipher Mining Technologies Inc. The share count basis cites 9,627,568,893 Class A ordinary shares outstanding as of December 31, 2025.
Canaan Inc. has acquired Cipher Mining’s 49% equity interest in the Alborz, Bear and Chief Mountain (“ABC Projects”) mining joint ventures in West Texas, giving Canaan a 49% stake while WindHQ retains 51%. The sites currently provide 120 MW of power capacity supporting about 4.4 EH/s of operating hashrate, with fleet efficiency around 25.7 J/TH. Total consideration is approximately US$39.75 million, paid entirely in equity via 806,439,900 Class A ordinary shares, equivalent to 53,762,660 ADS priced at US$0.7394 per ADS, subject to a six‑month lock‑up. The deal also includes 6,840 Avalon A15Pro mining rigs and adds Cipher as a significant shareholder, aligning with Canaan’s strategy to build a US power and energy platform that combines bitcoin mining with AI-HPC colocation.
Canaan Inc. received an updated ownership report from its founder and CEO, Nangeng Zhang, and affiliated entity Flueqel Ltd. as of December 31, 2025. Zhang is reported to beneficially own 576,066,269 ordinary shares on an as-converted basis, representing 5.8% of the outstanding ordinary shares when Class A and Class B are counted as a single class.
This stake includes 311,624,444 Class B ordinary shares held by Flueqel Ltd., each convertible into one Class A share, plus 264,441,825 Class A ordinary shares. Because Zhang is the beneficiary of the trust that indirectly owns Flueqel, he may be deemed to beneficially own the Class B shares held by Flueqel.
The filing highlights Canaan’s dual‑class structure: each Class A share has one vote, while each Class B share has 15 votes, voting together as a single class. On this basis, shares beneficially owned by Zhang represent 34.5% of total voting power, and the Class B shares held through Flueqel alone account for 32.7% of total voting power. This structure gives Zhang substantial control relative to his economic ownership.
Canaan Inc. received a Schedule 13G showing that Weiss Asset Management LP, its general partner GP LLC, and Andrew M. Weiss collectively report a passive stake in the company. They beneficially own 43,305,650 American Depository Shares, representing 649,584,750 Class A ordinary shares.
This holding equals 6.6% of Canaan’s Class A ordinary shares, based on 9,863,671,365 shares outstanding as of November 3, 2025. The filers state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Canaan.
Canaan Inc. reported a sharp rebound in 2025 revenue but remained loss-making. Full-year revenues rose to US$529.7 million, up 96.7% from 2024, driven by stronger bitcoin mining machine sales and mining revenue. Fourth-quarter revenue reached US$196.3 million, up 121.1% year over year and above prior guidance, with record 14.6 EH/s computing power sold.
The company swung from a 2024 gross loss to a US$41.2 million gross profit in 2025, but still posted a US$210.3 million net loss, narrower than US$249.8 million in 2024, as fair value losses on cryptocurrencies and financial instruments weighed on results. Non-GAAP adjusted EBITDA loss improved to US$50.5 million from US$71.5 million.
Canaan grew its cryptocurrency treasury to about 1,750 BTC and 3,951 ETH by year-end 2025 and held US$80.8 million in cash. The board renewed a share repurchase program of up to US$30 million, under which about 2.8 million ADSs had been bought for roughly US$2.0 million by February 10, 2026. For first-quarter 2026, the company guides revenue to US$60–70 million, reflecting softer near-term market conditions.
Canaan Inc. reported its January 2026 bitcoin mining update, highlighting record cryptocurrency reserves and growing infrastructure. The company mined 83 BTC during the month and ended with a record treasury of 1,778 BTC and 3,951 ETH on its balance sheet.
Deployed hashrate reached 10.07 EH/s, with operating hashrate at 6.63 EH/s and global average miner efficiency of 24.2 J/TH. Average all-in power cost was US$0.043/kWh, and installed power capacity totaled 253.3 MW globally.
Canaan also highlighted a 3.0 MW heat-recovery proof-of-concept in Manitoba to reuse computing heat for greenhouses. Under its renewed US$30 million buyback program, it had repurchased about 2.8 million ADSs for US$2 million as of February 10, 2026.
Canaan Inc. reported that it received a notice from Nasdaq on January 14, 2026 stating that its American depositary shares have closed below US$1.00 per share for 30 consecutive business days, putting the company out of compliance with Nasdaq’s minimum bid price rule. The notice does not immediately affect the listing or trading of the shares.
Canaan has 180 calendar days, until July 13, 2026, for its ADS closing bid price to meet or exceed US$1.00 per share for at least 10 consecutive business days to regain compliance. If it fails to do so, the company may seek an additional compliance period by applying to transfer its listing and, if necessary, committing to a reverse stock split, subject to Nasdaq staff’s determination. Until then, the ADSs will continue to trade on the Nasdaq Global Market while the company monitors its share price and considers reasonable measures to restore compliance.
Canaan Inc. reported strong December 2025 mining and treasury metrics, highlighting rapid growth in its bitcoin operations. The company mined 86 BTC in December and ended the month with a deployed hashrate of 9.91 EH/s and operating hashrate of 7.65 EH/s. Management noted that operating hashrate rose 61% year-over-year and installed hashrate rose 82%, well above the global Bitcoin network’s approximately 34% hashrate growth.
Canaan finished 2025 holding 1,750 BTC and 3,951 ETH, with bitcoin holdings up 35% from a year earlier and ETH reserves expanding largely through stablecoin conversions tied to machine sales. Global installed power capacity reached 250.4 MW, and average miner efficiency improved to 24.3 J/TH, with average all-in power cost of US$0.043/kWh.
The company also renewed a share repurchase program of up to US$30 million over 12 months and launched a 3.0 MW heat-recovery proof-of-concept in Canada to reuse mining heat for greenhouse operations, supporting its focus on energy efficiency and long-term digital asset strategy.
Canaan Inc. filed a report as a foreign private issuer indicating that it has renewed a US$30 million stock buyback program, described in Exhibit 99.1 as “Canaan Inc. Renews Its US$30 Million Share Buyback Program.” This program authorizes the company to repurchase its own shares using that amount.
The filing confirms that Canaan submits its annual reports on Form 20-F and lists its principal executive offices in Singapore. The report is signed by Chairman and Chief Executive Officer Nangeng Zhang, formalizing the disclosure for investors.
Canaan Inc. submitted a Form 6-K as a foreign private issuer to furnish its unaudited financial results and business updates for the third quarter ended September 30, 2025. The results are provided through a press release dated November 18, 2025, attached as Exhibit 99.1.
The company also notes that Exhibit 99.1, excluding the section titled “Business Outlook,” is incorporated by reference into its existing Form F-3 registration statement, allowing those disclosed financials and updates to be used in connection with potential future securities offerings.