Crypto miner and manufacturer Canaan fell 6.9% on the Nasdaq on Tuesday despite reporting a 121.1% year-over-year rise in fourth-quarter revenue to $196.3 million, driven by an increase in hardware sales and stronger mining performance.
Canaan reported that its Bitcoin (BTC) mining revenue increased 98.5% year-over-year to $30.4 million, helping to extend its Bitcoin holdings to a record 1,750 BTC, price nearly $120 million, while the corporate also increased its Ether (ETH) holdings to three,950 ETH, price $7.9 million.
The revenue is Canaan's highest quarterly revenue in three years and was also driven by sales of Bitcoin mining machines, with the corporate shipping a record 14.6 exahashes per second (EH/s) of computing power through the quarter.
Canaan's 2025 performance summary following the fourth quarter financial report. Source: Canaan
Canaan said computing power sales were supported by a “milestone order” from a U.S.-based institutional miner, which helped set a brand new quarterly computing power sales record and deliver a 60% year-over-year increase.
In the mining space, the Singapore-based company said it expanded its installed hashrate to 9.91 EH/s, with 7.65 EH/s in operation through the quarter.
The Bitcoin network's hashrate has fallen to 980 EH/s from a record 1,150 EH/s in mid-October as miners proceed to show off unprofitable machines and switch to AI and high-performance computing.
Despite the strong performance within the fourth quarter, shares of Canaan (CAN) fell one other 6.87% to $0.56, Google Finance data shows, making them among the many worst performers by market capitalization among the many 15 largest Bitcoin miners.
Canaan's share price change within the last 12 months. Source: Google Finance
The risk of a Nasdaq delisting for Canaan is increasing
At its current price of $0.56, the corporate is down 18.1% year-to-date and down 70.2% over the past 12 months.
On Jan. 16, Canaan said it received a letter from Nasdaq warning that the corporate must increase its share price above $1 to fulfill the exchange's minimum bid rule or risk being delisted.
Nasdaq gave the Singapore company 180 days until July 13 to come back back into compliance with the rule, which requires the closing price to succeed in at the very least $1 for at the very least 10 consecutive trading days. Canaan last closed above $1 on November 28, 2025.
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