Bitcoin Miner Canaan’s Stock Spikes After Q3 Revenue Rise, Even as BTC Falls

Canaan Inc., a Bitcoin mining firm, saw its stock rise nearly 16% following a Q3 2025 earnings report that revealed a 104% year-over-year revenue increase. Despite the positive growth, Bitcoin prices fell to a seven-month low below $90,000, trading at around $93,500. Canaan reported total revenues of $150.5 million, driven by substantial sales in mining machines and mining operations. Their product sales reached $118.6 million, with mining revenue soaring by 241% year-over-year to $30.6 million, leading to a gross profit of $16.6 million. However, Canaan experienced a net loss of $27.7 million, an improvement from a $75.6 million loss the previous year. The firm also expanded its treasury to 1,582 BTC and 2,830 ETH by the end of the quarter. In terms of future projections, Canaan anticipates revenues between $175-205 million for Q4 2025, reflecting market conditions and customer demands. The broader crypto market was affected by Bitcoin's decline amidst ongoing selling pressure and economic uncertainty, hinting at potential challenges ahead for the cryptocurrency sector.

Source 🔗