Canaan mined 300 bitcoins in Q4, doubling its revenue to $196 million.

According to Mars Finance, Bitcoin mining rig manufacturer Canaan (NASDAQ: CAN) announced its Q4 2025 financial results, with revenue reaching $196 million, a 121% year-over-year increase and a three-year high for quarterly sales. The growth was primarily driven by large-scale mining rig orders in North America, with Canaan delivering 14.6 EH/s of hashrate equipment this quarter. During the quarter, the company's mining operations generated $30.4 million in revenue, mining 300 Bitcoins, with an implied price of approximately $101,000 per Bitcoin. Furthermore, Canaan increased its Bitcoin reserves through its self-operated mining operations, holding approximately 1,750 Bitcoins and 3,951 Ethereum as of the end of 2025, with a total value of approximately $165 million. In January 2026, the company added 83 Bitcoins to its reserves, bringing the total to 1,778. Part of the growth came from converting stablecoin proceeds from mining rig sales into Bitcoin. Despite the revenue rebound, the company still reported a net loss of $85 million due to fair value losses caused by the decline in cryptocurrency prices. Canaan plans to expand into the energy and computing infrastructure sectors and has launched a 3-megawatt heat recovery pilot project in Canada to use heat from mining machines for greenhouse heating. Revenue is projected to be between $60 million and $70 million in the first quarter of 2026.