Canaan Reports Stabilized Joint Venture Operations Amid Ongoing Growth

Canaan Inc., an innovator in compute and energy infrastructure, has released its unaudited bitcoin mining update for July 2026. The company mined 46 BTC during the period, bringing its cryptocurrency treasury to 1,917 BTC and 3,952 ETH at month-end.

The Alborz joint venture operations continued to stabilize following a wildfire-related disruption, with operating hashrate increasing steadily to 4.20 EH/s and installed hashrate reaching 4.85 EH/s at month-end. Canaan's chairman and CEO, Nangeng Zhang, commented on the company's disciplined approach to capital allocation, stating that '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.'

The company has authorized its management to use a portion of its cryptocurrency treasury to fund repurchases of its American Depositary Shares (ADSs), citing that the current market value does not fully reflect the company's underlying assets and performance. Canaan completed the transfer of the listing of its ADSs from the Nasdaq Global Market to the Nasdaq Capital Market on July 1, 2026.

The company is now focused on expanding beyond computing hardware and building a more integrated computing and energy platform, while creating additional opportunities to generate long-term value for its shareholders. To regain compliance with Nasdaq's minimum bid price requirement, Canaan must achieve a closing bid price of at least $1.00 per ADS for ten consecutive business days during the 180-day compliance period.