CAN is again above the $1 mark after buying and selling beneath it for months. With a landmark ASIC order of fifty,000 models and new partnerships with SLNH and Luxor, sentiment is altering quickly. So is that this a sensible entry level now?
The next visitor publish comes from BitcoinMiningStock.io, a public markets intelligence platform that gives information on firms uncovered to Bitcoin mining and crypto treasury methods. Initially printed October 15, 2025 by Cindy Feng.
A couple of weeks in the past, a few of my followers pinged me about Canaan Inc. (NASDAQ: CAN). They argued that its inventory worth was a cut price in comparison with that of its OG friends, a lot of which have posted triple-digit features this yr. Whereas these names have dominated the headlines, Canaan has been quietly making a comeback since final week.
Canaan, identified primarily for its Avalon ASIC mining machines, spent most of 2025 out of sync with the market’s fixation on HPC and AI infrastructure. On prime of that, the continuing tariff conflict between the USA and China pushed its inventory beneath $1 for months, elevating actual issues a couple of attainable delisting from the Nasdaq.
However one thing modified not too long ago. Since September 30, the inventory has climbed again above $1 and has continued to rise, due to a wave of company information. Regardless of nonetheless displaying a -12.19% year-to-date efficiency, momentum is clearly shifting. So the true query is If that is the good time to intervene. Let’s analyze it.
Firm Overview: Extra than simply an ASIC producer
Based in 2013, Canaan Inc. is a Singapore-based expertise firm with deep roots in China’s semiconductor ecosystem. Canaan, finest identified for designing and manufacturing Avalon model ASIC Bitcoin mining machines, has regularly gone turned from an unique {hardware} supplier to a extra diversified participant within the crypto mining sector.
Self-mining
As of September 2025, Canaan operates 9.30 EH/s hash feeprimarily in the USA and Ethiopia. Self-mining functionality can scale to 10.31 EH/s as soon as pending ASIC deliveries are put in. Since January of this yr, Canaan reported ~87 bitcoins mined per thirty days. Income from this enterprise phase has elevated steadily for the reason that second quarter of 2024.
Bitcoin Treasury
Canaan has 1,582 BTC as of September 30, 2025. Based on its second quarter earnings presentation, BTC is gathered by way of a combine self-mining, funds for {hardware} gross sales and purchases within the spot market. The corporate additionally actively makes use of its Bitcoin holdings as collateral to fund {hardware} R&D and manufacturing, and even allocates a portion to short-term interest-bearing accounts to generate efficiency. Its Bitcoin treasury continues to be within the early levels, in keeping with CFO James Jin Cheng.. Regardless, its Bitcoin treasury already ranks thirty fifth among the many largest public firms globally on our web site. When it comes to publicity, Canaan’s Bitcoin holdings signify 20.29% of its market capitalization, the same proportion to some bigger gamers comparable to Riot platforms and clear spark.
Retail House Mining Gear
Canaan has not too long ago launched pre-assembled Avalon Miner kits geared toward dwelling miners and small-scale operations. These kits are designed for simple deployment and embody plug-and-play containerized models. Whereas present income from this line stays marginal, it may strengthen model visibility and assist scale back dependence on risky institutional demand cycles.
Within the second quarter of 2025, Canaan generated $73.9 million in complete income. Of that, 71.7% got here from {hardware} gross sales, 28.1% from mining operations, and fewer than 1% from different companies.
Latest Catalysts: Momentum Is Constructing
Investor sentiment round Canaan is altering due to a collection of enterprise achievements and strategic partnerships. Latest updates paint an image of an organization gaining floor; Every deal not solely will increase income potential but in addition helps drive renewed investor curiosity. For straightforward monitoring, here is a schedule of key enterprise updates:
Taken collectively, these developments recommend Canaan is doubling down on North America. A number of offers level to a shift in renewable vitality, which may appeal to ESG-focused traders. An important factorThese actions will seem within the numbers. The corporate expects to attain between $125 million and $145 million in income for the third quarter, displaying quarter-over-quarter progress of 25% to 45%.
Is CAN Inventory a Discount at $1.80?
At $1.80, Canaan’s valuation appears compelling in comparison with its friends, however let’s have a look at if it is nonetheless a cut price.
As of October 15, 2025, Canaan has a market capitalization of $881.96 million. After adjusting for $179 million in Bitcoin (1,582 BTC x $112,833) and 11.63 million in Ethereum (2,830 ETH x $4,111), $65.9 million in money, and $268.5 million in debt, the corporate’s worth (electrical automobile)* sits round $894 million. This supplies a clearer view of the corporate’s core working worth, excluding treasury belongings.
*For my calculation: EV = Present Market Cap + Whole Debt – Money and Money Equivalents – Honest Worth of Bitcoin Holdings – Honest Worth of Ethereum Holdings. Debt and money figures come from the newest quarterly report, whereas the honest worth of crypto belongings relies on present spot costs and the corporate’s most up-to-date disclosed holdings.
Canaan has anticipated Q3 2025 income of $125 million to $145 million, implying an annualized income run fee of $500 million to $580 million. Based on these projections, the corporate is buying and selling at a worth EV/income a number of of 1.5x–1.8xbeneath the two.5-4x vary typically seen amongst US-listed friends throughout bull cycles.
From a profitability perspective, Canaan posted $25.3 million in adjusted EBITDA within the second quarter, annualizing to roughly $100 million. This interprets right into a EV/EBITDA a number of of ~8.9xmodest in comparison with top-tier miners buying and selling at 10-20x below favorable market circumstances. That leaves room for a number of growth, if margins maintain or investor confidence strengthens.
When it comes to belongings, the corporate reported ~$484.5 million in web belongings excluding cryptocurrencies and $592.1 million together with its cryptocurrency holdings. This ends in a reserve worth Ratio (P/B) from 2.7x to 4x relying on the therapy of digital belongings. These aren’t deep worth ranges, however they are not overextended both, particularly on condition that a lot of Canaan’s current partnership offers have not totally impacted financials.
In the end, at $1.80, the inventory is not closely discounted nevertheless it is not aggressively priced both. The market is recognizing Improved fundamentals and near-term income visibilityhowever has not but assigned a premium for progress or broader strategic benefit.
Ultimate ideas
Canaan is evolving from a {hardware} provider to a most vertically built-in crypto mining participantwith rising self-mining operations, a major crypto treasury (1,582 BTC and a couple of,830 ETH), and increasing international partnerships. The current mining order of fifty,000 models ought to considerably enhance income within the coming quarters and assist enhance valuation metrics.
That mentioned, challenges stay. Canaan posted a web lack of $11.1 million within the second quarter and except Bitcoin costs stay elevated or value efficiencies happen, backside line profitability could stay below strain. Excessive working prices and depreciation proceed to weigh on margins.
Geopolitical dangers additionally persist, notably round US tariffs on Chinese language expertise exports. Whereas Canaan is working to mitigate this by way of new manufacturing traces within the US and Malaysia, execution danger stays.
In the end, the approaching quarters, notably the third quarter outcomes (Steerage between 125 and 145 million {dollars}), Bitcoin worth path and community problem tendencies will doubtless decide whether or not Canaan will get a market rerating. For traders betting on a broader crypto bull cycle, this inventory provides potential, however not with out danger.
