Canaan (CAN) Sold Crypto to Buy Back Stock. Can It Offset Weak Mining-Equipment Demand?

Canaan Inc. (NASDAQ:CAN) shared data for its bitcoin mining and production during August 2026. The company mined 44 BTC during the month, and maintained a non-JV installed hashrate of 10.05 EH/s.

In Falling Bitcoin Prices Drag Down Products and Mining Revenue for Canaan (CAN), we recently looked at whether weakness in Canaan’s mining and equipment businesses leaves enough of an investment case for the stock.

Canaan’s joint venture hashrate stood at 4.92 EH/s by the end of the month as it continued to expand. The company also made progress on its compute heat recovery greenhouse project in Canada, with equipment installation currently in progress prior to the winter heating season.

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Managing Digital Asset Treasury

A major initiative involved conversion of a chunk of Canaan’s digital asset treasury into shareholder value. The company monetized part of its digital asset treasury during what management described as relatively favorable market conditions. In late August, the entire 3,952 ETH position was liquidated at a rate close to $2,400 per Ethereum. In addition, 54 bitcoins were also sold for roughly $79,000 per BTC. Combined cash proceeds from these sales amounted to approximately $13.9 million.