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Canaan
(CAN ↗)
canaan.io ↗
Canaan built the *first ASIC bitcoin miner* in 2013. For most of its history, it sold rigs to other miners. Now it does both — selling machines under the *Avalon* brand AND running its own mining fleet at *15+ EH/s* across five countries. The bet: vertical integration into energy-integrated digital infrastructure, before the next bitcoin halving cuts margins again.
Updated · April 2026 update · May 2026
6
Chapters
~18
Min read
~$530M / yr revenue · ~290 employees · public since 2019
🌶️🌶️🌶️🌶️
Spice: Ghost (5/5)
More filled = spicier (more aggressive), not "better." Tap a row to see what it means.
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Your progress
0 of 6
1
Growth
~3 min
Revenue Doubled. Losses Followed.
Canaan revenue *nearly doubled to $530M* in 2025 — and the company still lost *$124M.* That's the bitcoin business.
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2
Financial Health
~3 min
Treasury of Bitcoin, Treasury of Risk
Canaan owns *1,826 BTC* on its balance sheet. That's the cushion — *and* the volatility.
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3
Moat
~4 min
ASIC Design + Energy Integration
Canaan invented bitcoin ASIC mining. The *moat* now is whether it can ride that into something bigger.
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4
Management
~3 min
Founder Still at the Helm
*Nangeng Zhang* founded Canaan in 2013 and still runs it. He and the CFO *bought stock* at $0.51 in March 2026.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Revenue doubled. Hashrate grew. Treasury hit record. The risks all live one bitcoin-price chart away.
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6
Risk
~3 min
Three Words: Bitcoin, Halving, Tariffs
Canaan's risk profile reads like an essay on *crypto cycles* and *trade policy.*
↻ Next update · Jun 15
est. Jun 15, 2026 · May 2026 update · Canaan IR ↗
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