Canaan Converts Crypto Holdings into Cash, Repurchases 13.6M ADSs

Canaan Inc., a leading innovator in compute and energy infrastructure, has released its unaudited bitcoin mining update for August 2026. The company mined 44 BTC during the month and maintained its non-JV installed hashrate at 10.05 EH/s, supported by the competitive all-in power cost of $0.043/kWh.

In late August, Canaan began converting a portion of its digital asset treasury into shareholder value. The company sold its entire Ethereum position of 3,952 ETH and 54 BTC for approximately $13.9 million in cash. This amount was generated from the sale of these assets at average prices of about $2,400 per ETH and $79,000 per BTC.

Canaan used a portion of the proceeds to repurchase approximately 13.6 million American Depositary Shares (ADSs), bringing total repurchased ADSs to around 16.4 million since the beginning of the year. At month-end, the company held 1,868 BTC and remained committed to its strategic digital asset treasury.