Canaan (CAN) Stock: Bitcoin Treasury Hits All-Time High as Mining Operations Scale

Key Highlights

• May 2026 operations yielded 90 BTC through direct mining activities, with an additional 24 BTC obtained from client arrangements
• Digital asset reserves reached unprecedented levels: 1,867 BTC and 3,952 ETH by May 31
• Worldwide mining operational efficiency enhanced by 13.5% compared to the previous year, achieving 23.7 J/TH
• Partnership mining operations generated approximately 45 BTC, despite weather-related interruptions at Texas-based Alborz location
• Company secured 8 MW hash-to-heat agreement in Nordic markets while strengthening collaboration with Tether

On June 11, Canaan (CAN) published its preliminary May 2026 bitcoin mining performance data, detailing 90 BTC extracted through its proprietary mining infrastructure and an additional 24 BTC collected from customer operations.

Canaan Inc., CAN

Shares of CAN advanced 0.65% during trading hours.

This combined acquisition elevated Canaan’s cryptocurrency holdings to an unprecedented 1,867 BTC and 3,952 ETH as of May month-end — representing the company’s largest digital asset position to date.

The mining operation concluded May with 10.05 EH/s of deployed hashrate capacity and 6.47 EH/s of active operational hashrate. The variance between deployed and operational capacity stems from the conclusion of a scheduled hosting arrangement.

Regarding performance metrics, Canaan’s North American self-operated mining infrastructure achieved an optimal 17.9 J/TH efficiency rating. Worldwide average efficiency registered at 23.7 J/TH — representing a 13.5% enhancement year-over-year. Mean electricity expenses remained steady at $0.043 per kilowatt-hour.

Canaan’s collaborative mining ventures, where the company maintains a 49% ownership position, encompass facilities including Alborz, Bear, and Chief Mountain throughout West Texas. These locations collectively produced approximately 45 BTC throughout May.

The Texas-based Alborz operation experienced service interruptions during May due to wildfire-related incidents in the region. Company leadership indicated the facility should resume complete operations by mid-June.

Hash-to-Heat Expansion

On May 19, Canaan successfully secured a competitive contract to provide approximately 8 MW of hash-to-heat hydro-cooled mining infrastructure to a district heating system in the Nordic region. This agreement expands upon a previous 2 MW installation that currently provides heated water for community residential use.

In addition to the Nordic initiative, Canaan manages 12 operational mining ventures worldwide, with presence across the Americas, Ethiopia, Middle Eastern territories, Malaysia, and Canada. Combined deployed computing capacity across these facilities measured 14.96 EH/s as of May 31.

Tether Partnership Extended

On April 28, Canaan broadened its strategic relationship with Tether via an additional procurement order for high-density hash board components. These components are engineered for advanced immersion-cooled mining and computational infrastructure currently being installed throughout South American markets.

The most recent Wall Street analyst assessment for CAN maintains a Buy rating with a $1.30 price objective.

The corporation’s present market capitalization is valued at roughly $232 million.

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