Amid a deep correction in the cryptocurrency market, many Bitcoin mining companies have chosen to sell their BTC holdings to maintain cash flow. Canaan, however, has gone against the grain, continuously increasing its Bitcoin reserves, making it a rare outlier in the industry. According to the latest financial report, Canaan achieved revenue of $196.3 million in the fourth quarter of 2025, a year-on-year increase of 121%, with Bitcoin mining revenue reaching $30.4 million. Meanwhile, the company's CEO and CFO jointly purchased 1.46 million shares of ADS in the open market on March 3rd, at an average price of approximately $0.51, demonstrating management's confidence in long-term value.
Behind this increase is a key infrastructure expansion recently completed by Canaan: the addition of 120 megawatts of computing power, increasing computing capacity by 4.4 EH/s, with electricity costs below $0.03/kWh, significantly enhancing its mining efficiency and profitability resilience. In contrast, competitor Bitdeer has almost cleared all of its Bitcoin holdings within two months, from approximately 2,000 coins at the end of the year to zero, reflecting the overall survival pressure in the industry after the price crash.
Although Canaan's strategy is full of strategic vision, it also faces severe challenges. In January 2026, the company received a Nasdaq non-compliance notice because its ADS share price had been below $1 for 30 consecutive trading days. It needs to restore its share price to compliance by July 13th, otherwise it faces the risk of delisting. The current share price hovers at a low level, while its Bitcoin reserves continue to grow. This contradictory state has triggered market discussions about its source of funds and financial health - is it based on a firm belief in the long-term prospects of BTC, or does it rely on the valuation support of unrealized crypto assets?
As the price of Bitcoin has fallen from a high of $126,000 in 2024 to the $60,000 range, industry differentiation has intensified. Canaan's contrarian accumulation is both an expression of confidence and a high-risk, long-term game.