Canaan

Canaan Inc.

Treasury Qualification

Treasury classificationBitcoin Miner with Strategic Holdings

Qualification tierCore Directory

Directory statusIncluded

Ownership statusCompany-owned Bitcoin reported on Canaan's balance sheet, including Bitcoin receivable and excluding Bitcoin received as customer deposits. The latest May 31, 2026 disclosure reported 1,867 BTC. At March 31, 2026, 905 BTC were pledged for secured term loans and 100 BTC had been transferred to a fixed-term product, but Canaan did not publish a May 31 encumbrance reconciliation.

Strategic intent

Canaan retains Bitcoin generated through self-mining and received through certain commercial activities as a strategic cryptocurrency treasury. Management repeatedly reports the treasury as a key balance-sheet metric and has continued to expand it while operating its ASIC hardware, mining, and energy-compute businesses.

Bitcoin Treasury

BTC counted in directory1,867 BTC

Estimated value$118,927,900BTC price retrieved: July 28, 2026 at 19:54 UTC

Holdings as ofMay 31, 2026

Average purchase priceNot disclosed

Ownership and Restrictions

Component figures are shown only when separately disclosed. “Not separately disclosed” does not imply zero.

Total BTC reported1,867

Unencumbered / unrestrictedNot separately disclosed

Pledged as collateralNot separately disclosed

Loaned to third partiesNot separately disclosed

Subsidiary-ownedNot separately disclosed

Other restricted / receivableNot separately disclosed

Latest Financial Results

Reporting period: Three months ended March 31, 2026

Revenue$62,700,000

Operating income/lossPending

Net income/loss$-88,700,000

Cash$43,451,000

Management

Chief executive officer: Nangeng Zhang
Chief financial officer: James Jin Cheng
Executive chair: Nangeng Zhang

Research Notes

Canaan reported a record cryptocurrency treasury of 1,867 BTC and 3,952 ETH as of May 31, 2026. Its definition includes Bitcoin and ETH owned on the company's balance sheet, including receivables, while expressly excluding customer deposits. During May, Canaan mined 90 BTC and received an additional 24 BTC from customer payments. At March 31, 2026, the company reported 802.6 BTC owned directly, 905 BTC receivable after being pledged for secured term loans, and 100 BTC transferred to a fixed-term product; it also held 63.4 BTC in customer deposits, which are excluded from treasury. Because the May update did not provide a refreshed encumbrance split, pledged, restricted, and unencumbered fields remain undisclosed rather than carrying forward stale amounts as current. First-quarter 2026 revenue was $62.7 million and net loss was $88.7 million. At March 31, 2026, total assets were $532.054 million, total liabilities were $150.123 million, and cash was $43.451 million.