Canaan Uses Treasury Funds to Offset Weak Mining-Equipment Demand

Canaan Inc., a leading provider of computing and energy infrastructure, has made significant strides in its mining operations. In August 2026, the company mined 44 BTC, maintaining a non-JV installed hashrate of 10.05 EH/s.

The data highlights the continued expansion of Canaan's joint venture, with a hashrate of 4.92 EH/s by the end of the month. The company also made progress on its compute heat recovery greenhouse project in Canada, which is expected to increase energy efficiency and reduce operating costs.

Canaan took advantage of relatively favorable market conditions to monetize part of its digital asset treasury. In late August, 3,952 ETH was liquidated at a rate close to $2,400 per Ethereum, generating approximately $9.5 million in cash proceeds. Additionally, 54 bitcoins were sold for roughly $79,000 per BTC, bringing the total combined cash proceeds to around $13.9 million.

The company used some of these funds to buy back 13.6 million American Depositary Shares (ADSs), reflecting confidence in its strategy and translating into 16.4 million ADSs repurchased since the start of the year. Despite selling a substantial portion of its ETH position, Canaan still held a treasury of 1,868 BTC by the end of August.