Canaan

Canaan Inc.

Treasury Qualification

Treasury classificationBitcoin Miner with Strategic Holdings

Qualification tierPending qualification

Directory statusNeeds Review

Ownership statusHistorical-only: 698.5 directly owned BTC is established at June 30, 2026. The separately disclosed 1,117 collateral-receivable BTC and 100 BTC transferred to a fixed-term product are excluded and retained in notes, not owned-BTC components. The newer August 31 headline of 1,868 BTC includes receivables and lacks a methodology-compliant ending ownership split. HOLD - methodology review required for current eligibility. The change from 1,867 to 698.5 reflects methodology and different dates, not a claimed sale of the difference. August's 54-BTC sale does not establish the ending eligible balance. Historical BTC is not included in totals and qualification remains pending.

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

Last verified attributable BTC698.5 BTC

Balance dateJune 30, 2026

Estimated valueUnavailable

Average purchase priceNot disclosed

Not included in totals

Historical balance only — current eligible balance not established

Newer reported BTC — not used in totals

1,868 BTC · Balance date: August 31, 2026

Historical-only: 698.5 directly owned BTC is established at June 30, 2026. The separately disclosed 1,117 collateral-receivable BTC and 100 BTC transferred to a fixed-term product are excluded and retained in notes, not owned-BTC components. The newer August 31 headline of 1,868 BTC includes receivables and lacks a methodology-compliant ending ownership split. HOLD - methodology review required for current eligibility. The change from 1,867 to 698.5 reflects methodology and different dates, not a claimed sale of the difference. August's 54-BTC sale does not establish the ending eligible balance. Historical BTC is not included in totals and qualification remains pending.

Reported BTC source

Ownership and Restrictions

Component figures are shown only when separately disclosed and may overlap; they are not additive. Components refer to the eligible balance date unless dated otherwise in research notes. “Not separately disclosed” does not imply zero.

Total BTC reported1,868

Unencumbered / unrestrictedNot separately disclosed

Pledged as collateralNot separately disclosed

Loaned to third partiesNot separately disclosed

Subsidiary-ownedNot separately disclosed

Other restricted owned BTCNot separately disclosed

Latest Financial Results

Reporting period: Three months ended June 30, 2026

Revenue$31,862,000

Operating income/loss$-69,457,000

Net income/loss$-97,607,000

Cash$66,006,000

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. September 29, 2026 methodology and financial refresh: Historical-only: 698.5 directly owned BTC is established at June 30, 2026. The separately disclosed 1,117 collateral-receivable BTC and 100 BTC transferred to a fixed-term product are excluded and retained in notes, not owned-BTC components. The newer August 31 headline of 1,868 BTC includes receivables and lacks a methodology-compliant ending ownership split. HOLD - methodology review required for current eligibility. The change from 1,867 to 698.5 reflects methodology and different dates, not a claimed sale of the difference. August's 54-BTC sale does not establish the ending eligible balance. Historical BTC is not included in totals and qualification remains pending. USD, Q2 2026 (three months ended June 30; balance sheet at June 30). "Total revenues" 31,862,000; operating loss -69,457,000; "Net loss" -97,607,000, consolidated basis. June eligible-balance evidence and August headline evidence have separate source URLs and dates. Management and identity remain unchanged. Financial source: https://www.sec.gov/Archives/edgar/data/1780652/000110465926105660/tm2624951d1_ex99-1.htm (source date: September 8, 2026). Eligible holdings source: https://www.sec.gov/Archives/edgar/data/1780652/000110465926105660/tm2624951d1_ex99-1.htm (source date: September 8, 2026). Headline source: https://canaan.gcs-web.com/news-releases/news-release-details/canaan-inc-provides-august-2026-bitcoin-production-and-mining (published September 14, 2026; balance August 31, 2026). Historical notes above are preserved as dated history; earlier eligibility descriptions do not override this review. The existing last_verified date is unchanged and is not a blanket verification of unresolved fields.