Treasury sized to bitcoin price — which means the financial picture moves with the coin.
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✦ The bottom line
Canaan's most distinctive balance-sheet item isn't cash — it's cryptocurrency. As of April 2026, the company held 1,826 BTC and 3,952 ETH on its balance sheet, worth roughly $130 million at then-prevailing prices. Beyond that, working capital and customer deposits fund operations.
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✦ Teach me
Why bitcoin on the balance sheet works *both* ways
Canaan's strategy is to hold the bitcoin it mines rather than sell it for fiat. That means: (a) if BTC price rises, Canaan's reported book value goes up and so does liquidity if it ever wants to monetize, and (b) if BTC falls, the treasury shrinks and operating costs (paid in dollars) start to bite. It's leverage to bitcoin price in addition to being a bitcoin-related business.
Wall Street calls this
Crypto treasury strategy
Investors should think of Canaan's balance sheet as *partly a bitcoin ETF and partly a mining company*. Both halves move with BTC.
The cushion · crypto treasury
1,826
BTC
Record-high crypto treasury: 1,826 BTC + 3,952 ETH on the balance sheet at the end of April 2026 — worth roughly $130M at then-prevailing prices.
Source · 6-K · April 2026 Bitcoin Production Update — Key Metrics · April 2026 · Filed May 14, 2026
The other half of Canaan's economics is power cost — the dominant cost of running mining hardware. April's average all-in power cost was $0.044 per kWh (the JV in West Texas runs even lower, below $0.03). Those numbers compete with hyperscale data centers and are what makes the unit economics potentially viable.
The drain managed · power cost
$0.044
/kWh
Average all-in power cost of $0.044/kWh across the fleet (and below $0.03/kWh at the West Texas JV) — among the lowest in the industry.
Source · 6-K · April 2026 Bitcoin Production Update · April 2026 · Filed May 14, 2026
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Watch
Treasury and power cost both look good — but bitcoin price has to cooperate for the math to keep working.