Miner and cryptocurrency producer Canaan fell 6.9% on the Nasdaq on Tuesday, despite reporting a 121.1% year-over-year revenue escalate to $196.3 million in the fourth quarter, driven by increased equipment sales and improved mining results.
Canaan reported that its Bitcoin (BTC) mining revenue increased 98.5% year-over-year to $30.4 million, which helped grow its Bitcoin treasury to a record 1,750 BTC worth almost $120 million, while the company also increased its Ether (ETH) holdings to 3,950 ETH worth $7.9 million.
The revenue figures are Canaan’s highest quarterly results in three years and were also driven by sales of Bitcoin mining machines, with the company delivering a record 14.6 exahash per second (EH/s) of hash power this quarter.
Canaan said the capacity sales were supported by a “stone order” from a U.S.-based institutional mining company that helped it set a fresh quarterly capacity sales record and achieve 60% year-over-year growth.
On the mining side, the Singapore-based company said it increased its installed hashrate to 9.91 EH/s, with an operating rate of 7.65 EH/s in the quarter.
The Bitcoin network hashrate fallen from a record 1,150 EH/s in mid-October to 980 EH/s as miners continue to disconnect unprofitable machines and switch to artificial intelligence and high-performance computing.
Despite mighty fourth-quarter results, Canaan (CAN) shares fell another 6.87% to $0.56, Google Finance data shows, making it one of the lowest performers among the top 15 Bitcoin miners by market capitalization.
The risk of Canaan being delisted from the Nasdaq stock exchange is increasing
At its current price of $0.56, the company is down 18.1% year-to-date and 70.2% over the last 12 months.
On January 16, Canaan said it received a letter from Nasdaq warning that it must raise its stock price above $1 to meet the exchange’s minimum offering price requirements or risk delisting.
Related: Bitcoin ETFs extend rebound as $145 million in fresh inflows hit the market
Nasdaq gave the Singapore company 180 days, until July 13, to regain compliance with the rule, which requires the closing bid price to be at least $1 for at least 10 consecutive trading days. Canaan last close above $1 was on November 28, 2025.
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