Canaan Inc. Reports June 2025 Bitcoin (BTC) Production and Strategic Expansion

Canaan Inc. (NASDAQ: CAN), a leading technology company in the crypto mining sector, has released its unaudited Bitcoin mining update for June 2025, highlighting its operational resilience and strategic growth initiatives. The company reported mining a total of 88 Bitcoins in June, a decrease attributed to temporary reductions in operating hashrate caused by adverse weather conditions in Texas and electricity restrictions in Ethiopia.

Operational Challenges and Achievements

Despite these challenges, Canaan Inc. emphasized the strength of its operations. Nangeng Zhang, Chairman and CEO of Canaan, noted that the company managed to accumulate a record 1,484 Bitcoins by the end of June, reinforcing its financial strategy and commitment to building Bitcoin reserves.

In Texas, severe storms and high temperatures led to temporary shutdowns for safety and maintenance, impacting the uptime of mining operations. Similarly, in Ethiopia, the company’s green mining activities faced disruptions due to drought-related electricity restrictions.

Strategic Expansion and Shareholder Initiatives

Continuing its North American expansion, Canaan has shipped approximately 1 EH/s of additional computing power to U.S. facilities, with installation expected to conclude by the end of July 2025. This move is part of a broader strategy to enhance its presence in the region.

In terms of shareholder value, Canaan executed a stock repurchase program in June, underlining its confidence in long-term prospects. The company announced a US$30 million stock repurchase initiative in May 2025, reflecting its commitment to disciplined capital allocation.

Corporate Updates and Market Position

On June 9, 2025, Canaan disclosed that its CEO and CFO acquired 817,268 American Depositary Shares (ADSs), demonstrating their confidence in the company’s future. This acquisition aligns with Canaan’s proactive stance in navigating market challenges and optimizing shareholder value.

Founded in 2013, Canaan Inc. specializes in ASIC high-performance computing chip design and has been a pioneer in the field, notably launching the first ASIC-based Bitcoin mining machines. The company went public on the Nasdaq Global Market in 2019, further establishing its market presence.

For more detailed information, please visit Canaan Inc.’s official announcement on the PR Newswire.

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