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.
Positive
None.
Negative
None.
Insights
Weiss reports a 6.6% passive stake in Canaan Inc.
Weiss Asset Management, GP LLC, and Andrew M. Weiss report beneficial ownership of 43,305,650 American Depository Shares, representing 649,584,750 Class A ordinary shares of Canaan Inc., which equals 6.6% of that share class as of a stated baseline.
The filing is on Schedule 13G, which is used for investors that characterize their position as passive. The certifying language states the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Canaan.
The percent-of-class figure is based on 9,863,671,365 Class A ordinary shares as of November 3, 2025 from a referenced Form 424B5. Future ownership levels may change with additional trades or share count changes, and any material change in percentage could appear in subsequent beneficial ownership reports.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Canaan Inc.
(Name of Issuer)
Class A Ordinary Shares underlying American Depository Shares (each representing 15 Class A Ordinary Shares)
(Title of Class of Securities)
134748102
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
134748102
1
Names of Reporting Persons
Weiss Asset Management LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
649,584,750.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
649,584,750.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
649,584,750.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
134748102
1
Names of Reporting Persons
WAM GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
649,584,750.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
649,584,750.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
649,584,750.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
134748102
1
Names of Reporting Persons
WEISS ANDREW M
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
649,584,750.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
649,584,750.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
649,584,750.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
(i) Weiss Asset Management LP ("Weiss Asset Management").
(ii) WAM GP LLC ("WAM GP").
(iii) Andrew M. Weiss, Ph.D. ("Andrew Weiss").
(b)
Address or principal business office or, if none, residence:
Weiss Asset Management, WAM GP, and Andrew Weiss have a business address of 222 Berkeley St., 16th Floor, Boston, Massachusetts 02116.
(c)
Citizenship:
(i) Weiss Asset Management is a Delaware limited partnership.
(ii) WAM GP is a Delaware limited liability company.
(iii) Andrew Weiss is a United States citizen.
(d)
Title of class of securities:
Class A Ordinary Shares underlying American Depository Shares (each representing 15 Class A Ordinary Shares)
(e)
CUSIP No.:
134748102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
43,305,650 American Depository Shares, representing 649,584,750 Class A ordinary shares, par value US$0.00000005 per share.
Weiss Asset Management is the sole investment manager to a private investment partnership, (the "Partnership") and private investment funds ("Funds"). WAM GP is the sole general partner of Weiss Asset Management. Andrew Weiss is the managing member of WAM GP. Shares reported for WAM GP, Andrew Weiss and Weiss Asset Management include shares beneficially owned by the Partnership and the Funds.
Each of WAM GP, Weiss Asset Management, and Andrew Weiss disclaims beneficial ownership of the shares reported herein as beneficially owned by each except to the extent of their respective pecuniary interest therein. The percent of class computations are based on 9,863,671,365 Class A ordinary shares, par value US$0.00000005 per share, as of November 3, 2025, as reported in the Form 424B5 of the Issuer, which was filed with the SEC on November 4, 2025.
The Class A ordinary shares have no CUSIP number. The CUSIP number for the American Depository Shares, each representing 15 Class A ordinary shares, is 134748102.
(b)
Percent of class:
6.6%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
649,584,750
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
649,584,750
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Item 4.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Weiss Asset Management LP
Signature:
Mary Merrigan
Name/Title:
Authorized Signatory
Date:
02/11/2026
WAM GP LLC
Signature:
Mary Merrigan
Name/Title:
Authorized Signatory
Date:
02/11/2026
WEISS ANDREW M
Signature:
Mary Merrigan
Name/Title:
Attorney-in-Fact for Andrew M. Weiss***
Date:
02/11/2026
Comments accompanying signature: ***Duly authorized under Power of Attorney incorporated herein by reference to the exhibit to the Form 13G/A filed by Weiss Asset Management LP on February 3, 2023 in respect of its holding in DEEP MEDICINE ACQUISITION CORP.
What ownership stake in Canaan Inc. does Weiss Asset Management report?
Weiss Asset Management reports beneficial ownership of 43,305,650 American Depository Shares, representing 649,584,750 Class A ordinary shares of Canaan Inc. This position corresponds to 6.6% of Canaan’s Class A ordinary shares based on the referenced share count.
How is the 6.6% ownership in Canaan Inc. calculated for Weiss Asset Management?
The 6.6% ownership is based on 9,863,671,365 Class A ordinary shares outstanding as of November 3, 2025, as reported in Canaan’s Form 424B5. Weiss-related entities’ 649,584,750 Class A ordinary shares are measured against that baseline to determine the reported percentage of the class.
Is Weiss Asset Management’s stake in Canaan Inc. considered passive or active?
The stake is reported on Schedule 13G, which is used for passive holders. The certification states the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of changing or influencing control of Canaan Inc.
Who are the reporting persons on the Canaan Inc. Schedule 13G filing?
The reporting persons are Weiss Asset Management LP, its general partner GP LLC, and Andrew M. Weiss, Ph.D.. The filing explains that Weiss Asset Management manages a partnership and funds whose holdings are included, and that each reporting person disclaims beneficial ownership except for their pecuniary interest.
What is the relationship between ADS and Class A shares for Canaan Inc. in this filing?
Each American Depository Share of Canaan Inc. represents 15 Class A ordinary shares. Weiss Asset Management reports ownership of 43,305,650 ADS, which corresponds to 649,584,750 Class A ordinary shares, all tied to the CUSIP 134748102 for the ADS, not the underlying ordinary shares.
Does the Weiss group have sole or shared voting power over its Canaan Inc. shares?
The reporting persons indicate 0 shares with sole voting or dispositive power and 649,584,750 Class A ordinary shares with shared voting and shared dispositive power. This means decisions regarding voting and disposition are exercised jointly under the described investment management structure.
