Where Is the Treasure of Canaan? Abundant Bitcoin, But Nasdaq at Risk

Canaan has accumulated an impressive treasure in digital assets, but faces a paradoxical situation where its wealth is not reflected in the market value of its shares. The mining company and hardware manufacturer for cryptocurrencies announced strong results for Q4 2025, but the market responded with indifference, causing a 6.9% drop in its Nasdaq stock price.

Digital Gold Accumulated: Where Canaan Keeps Its Treasure

The revenue figures for the fourth quarter paint an undeniable picture of business success. The company reported an impressive 121.1% year-over-year revenue growth, totaling $196.3 million. According to Cointelegraph, this expansion was mainly driven by robust sales of Bitcoin mining machines and improved performance of its mining operations.

Bitcoin mining has become Canaan’s financial engine, with revenues increasing 98.5% year-over-year to reach $30.4 million. This exceptional performance allowed the company to significantly expand its digital treasury. The Bitcoin balance jumped to a record 1,750 BTC, valued at approximately $120 million at current market prices. Simultaneously, holdings in Ether also increased to 3,950 ETH, valued at $7.9 million. These numbers reflect a deliberate strategy to accumulate top-tier digital assets, turning profits into valuable reserves.

Growth Paradox: Revenue Explodes but Shares Plummet

The Q4 results marked Canaan’s highest quarterly revenue in three years, driven especially by sales of computational power. The company shipped a record 14.6 exahashes per second (EH/s) during the period, with a significant portion resulting from a notable order from a U.S.-based institutional miner. This corporate demand set a new quarterly milestone, generating a 60% year-over-year increase in computational power sales.

Despite this exceptional performance, Canaan’s shares suffered a sharp devaluation. At the current price of $0.56, the stock has fallen 18.1% in 2026 and 70.2% over the past 12 months, ranking among the worst performers among the 15 largest Bitcoin miners by market capitalization. This disconnect between financial health and market valuation reveals a gap between the company’s fundamentals and investor perception.

Countdown to Compliance: Nasdaq’s Ultimatum

Canaan’s biggest challenge is not operational but regulatory. On January 16, 2026, Nasdaq formally notified the company that its shares must maintain a closing price above $1 to comply with the exchange’s listing rules. The communication set a 180-day deadline, until July 13, 2026, for Canaan to regain compliance.

Nasdaq’s rule specifies that the closing price must remain at least $1 for a minimum of 10 consecutive trading days. The last time Canaan closed above this threshold was on November 28, 2025. With shares currently trading at $0.56, the company needs approximately a 79% increase just to reach the minimum limit set by the exchange. This gap poses an existential threat to its continued listing, adding pressure on the stock.

The Mining Ecosystem in Transition

To contextualize the challenges faced by Canaan, it’s essential to understand broader sector dynamics. Canaan’s installed hash rate has expanded to 9.91 EH/s, with 7.65 EH/s operational during Q4. However, the entire Bitcoin network is experiencing a different dynamic: the network’s hash rate contracted from a record 1,150 EH/s in mid-October to 980 EH/s currently, as miners deactivate unprofitable equipment.

This contraction reflects a deeper transition in the ecosystem: many operators are reallocating resources toward artificial intelligence applications and high-performance computing, sectors considered more profitable in the short term. Despite its solid financial results, Canaan has not escaped this market reconfiguration.

The treasure Canaan has accumulated—1,750 BTC and 3,950 ETH—represents tangible and valuable wealth. Yet, the mystery remains: when will the market validate this wealth? With only five months to resolve its Nasdaq situation, where is Canaan’s true treasure—its digital assets or its viability to remain listed?