Bitcoin News Update: Canaan's Shift Toward Bitcoin Mining Drives 18% Increase and Sets New Record in Holdings

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Bitcoin News Update: Canaan's Shift Toward Bitcoin Mining Drives 18% Increase and Sets New Record in Holdings

Bitget-RWA2025/11/18 16:56

By:Bitget-RWA

- Canaan Inc. shares surged 18% pre-market after Q3 revenue jumped 104.4% to $150.5M, surpassing estimates. - Bitcoin mining revenue soared 241% to $30.6M, driven by 267 BTC mined and 10 EH/s computing power sold. - Company boosted crypto holdings to 1,610 BTC/3,950 ETH by October 2025 and secured a 50,000-unit mining machine order. - Q4 revenue guidance ($175-205M) exceeds $148. 3M estimates, but risks include U.S. tariffs and regulatory shifts. - Analysts maintain "buy" ratings with a $3.00 price target

Canaan Inc. (NASDAQ: CAN) saw its shares jump 18% in pre-market trading on Tuesday, fueled by a sharp improvement in its financial results and an unprecedented increase in its

Bitcoin

holdings. The manufacturer of crypto-mining equipment

announced third-quarter revenue of $150.5 million

, representing a 104.4% rise from the previous year and surpassing the consensus forecast of $129.95 million. Although the company posted a larger-than-anticipated adjusted loss of -$0.36 per share, it

underscored a 241% year-over-year surge in Bitcoin mining revenue

to $30.6 million, driven by the mining of 267 bitcoins during the quarter and a record-setting 10 exahashes per second in computing power sold

based on the most recent financial statement

The improvement in gross profit signaled a major turnaround for

Canaan

, which

reported a $16.6 million gross profit for Q3 2025

—a stark contrast to the $21.5 million gross loss recorded in the same quarter of 2024. CEO Nangeng Zhang credited the positive results to "optimizing the product portfolio and strengthening supply chain resilience," while also

highlighting the company's strategic shift toward Bitcoin mining

Bitcoin News Update: Canaan's Shift Toward Bitcoin Mining Drives 18% Increase and Sets New Record in Holdings image 0

By the end of the quarter, Canaan's cryptocurrency reserves had reached 1,581.9

BTC

and 2,830 ETH

according to its financial statements

, with further growth to 1,610 BTC and 3,950 ETH by October 2025

as noted by Seeking Alpha

. The company also

landed a significant contract in November

, when a U.S.-based mining firm purchased over 50,000 Avalon A15 Pro units—the largest single order in three years.

Looking forward, Canaan

forecasted Q4 2025 revenue in the range of $175 million to $205 million

, substantially higher than the consensus estimate of $148.3 million. This outlook demonstrates the company's confidence in meeting large-scale client orders and boosting its own mining hash rate, though

management cautioned about potential risks

related to U.S. tariffs and changes in global regulations. Market analysts remain optimistic, maintaining a "buy" consensus and setting a median 12-month price target of $3.00—

71.6% above its latest closing value

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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