Canaan's Q4 revenue reached $196 million, a year-on-year increase of 121%. Mining business contributed 300 bitcoins

Bitcoin mining machine manufacturer Canaan (NASDAQ: CAN) released its Q4 2025 financial report, with revenue reaching $196 million, a year-on-year increase of 121%, setting a new quarterly sales record in three years. The growth is mainly driven by large-scale mining machine orders in North America, with a total of 14.6 EH/s computing power equipment delivered this quarter. The mining business generated a revenue of 30.4 million US dollars and mined a total of 300 bitcoins, with an implied price of approximately 101000 US dollars per coin. As of the end of 2025, the company holds approximately 1750 bitcoins and 3951 Ethereum, with a total value of approximately $165 million. In January 2026, 83 new bitcoins were mined, increasing the total reserve to 1778. Despite revenue growth, the company incurred a fair value loss of $85 million due to the decline in cryptocurrency prices. Canaan plans to expand into the energy and computing infrastructure sectors and launch a 3-megawatt heat recovery pilot project in Canada, with expected revenue of $60 million to $70 million in Q1 2026.