Bitcoin miner manufacturer Canaan sells crypto to buy back shares after $97 million loss

Canaan, the Bitcoin mining-equipment maker, reported second-quarter 2026 revenue below its earlier guidance on Sept. 8, as weaker machine demand put more weight on its cash and crypto treasury. More than half of its Bitcoin holdings were pledged for loans at June 30.

Revenue totaled $31.9 million, short of the $35 million to $45 million range forecast in May. Product revenue fell to $13.6 million from $42.9 million in the first quarter. Canaan attributed that decline to less computing power sold and lower selling prices amid weaker demand.

Management’s outlook points to further pressure: Canaan forecast third-quarter revenue of $11 million to $15 million. That prospect makes the distinction between treasury holdings and available cash more consequential.

Cash, collateral and buybacks

Canaan’s June 30 total of 1,915.5 BTC included 1,117 BTC pledged for secured term loans and 100 BTC transferred to a fixed-term product. Another 698.5 BTC sat in its cryptocurrency assets category.

The pledged coins therefore represented more than half the total. They were already serving as loan collateral, while the fixed-term allocation was also distinct from cash. The headline Bitcoin balance cannot be read as an equivalent pool of money available for spending.