Canaan Announces Record Bitcoin Mining Month with Over 109 BTC Mined

Canaan Inc. (CAN) announced record Bitcoin mining production for May 2025, reaching 109 BTC, a 25% month-over-month increase, bringing total holdings to 1,466 BTC. The company reported an installed hashrate of 8.75 EH/s and operational hashrate of 7.27 EH/s across its global mining operations despite facing a 10% tariff increase on machines made in Malaysia. Furthermore, the CEO and CFO collectively purchased 817,268 American Depositary Shares at an average price of $0.76 per ADS, signaling confidence in the company's future value.

Analysis

Canaan Inc. (CAN) reported a significant operational milestone in May 2025, mining a record 109 bitcoins, which represents a 25% month-over-month increase in production. This achievement boosted the company's total bitcoin holdings to an all-time high of 1,466 BTC. The performance is particularly noteworthy given the 10% increase in tariffs on its Malaysia-made Bitcoin mining machines due to U.S. trade uncertainties, indicating effective strategic execution and operational agility. As of May 31, 2025, Canaan's installed and operational hashrates reached 8.75 EH/s and 7.27 EH/s, respectively, reflecting the continued expansion of its global mining operations, with significant capacity in the Americas (3.09 EH/s energized) and Ethiopia (4.13 EH/s energized). Management highlighted achieving a new historical high in installed computing power while maintaining competitive all-in power costs. This operational strength coincides with climbing Bitcoin prices, which are reportedly driving increased global demand for mining machines. Further bolstering confidence, on June 9, 2025, Canaan's CEO and CFO acquired a substantial 817,268 American Depositary Shares (ADSs) at an average price of US$0.76 per ADS, with the CEO explicitly stating a belief that the current ADS price is disconnected from the company's potential future value.

Key Decisions for Investors

• Investors should assess Canaan's operational efficiency and record Bitcoin production against the backdrop of rising Bitcoin prices and increased demand for mining hardware, considering the positive signal from significant insider ADS purchases by senior management.
• It is crucial to monitor the ongoing impact of U.S. trade tariffs on mining equipment sourced from Malaysia and the company's ability to sustain competitive all-in power costs, as these factors represent key risks to profitability despite current resilience.
• Consider the potential for undervaluation, as suggested by management's share purchases and statements, while weighing the company's expanding global hashrate and strategic execution against the inherent volatility of the cryptocurrency market and specific geopolitical risks associated with its international operations.