Canaan Sells Crypto to Repay Debt Amid $97 Million Loss

Canaan, a leading manufacturer of Bitcoin mining equipment, has reported disappointing second-quarter revenue of $31.9 million, falling short of its earlier guidance of $35-45 million.

The decline in revenue was attributed to weaker demand for computing power and lower selling prices, resulting in a net loss of $97.6 million for the quarter.

Canaan's treasury holdings included 1,915.5 BTC, with more than half pledged as loan collateral and another portion allocated to fixed-term products.

The company has converted some of its crypto into cash, selling 3,952 ETH and 54 BTC in late August for approximately $13.9 million, using part of the proceeds for share repurchases.