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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 its Q3 earnings report, which showed a 104% year-over-year revenue increase to $150.5 million. Despite this growth, the company sustained a net loss of $27.7 million. The revenue breakdown included $118.6 million from product sales and $30.6 million from mining revenue, which surged by 241% year-over-year. Canaan's operations yielded 267 Bitcoin in the quarter. Bitcoin also experienced a significant dip, falling below $90,000 for the first time since April, largely due to movement from Mt. Gox wallets. By October's end, Canaan's treasury included 1,610 BTC and 3,950 ETH, totaling about $150 million in Bitcoin. Looking ahead, Canaan anticipates revenues between $175-205 million for Q4 2025, amid ongoing market fluctuations.

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Canaan stock surges as Q3 revenue doubles on Bitcoin miner demand

Canaan's stock rose nearly 21% after the company reported a 104% increase in its third-quarter revenues, reaching $150.5 million due to high demand for Bitcoin mining hardware. Most revenue came from strong orders, especially from the North American market, which contributed 31% of total revenue. CEO Nangeng