Canaan (CAN) Stock: Can a Record BTC Hoard and Tether Deal Move the Needle?

TLDR

• Canaan mined 90 BTC from self-mining in May, plus received 24 BTC from customers
• Crypto treasury hit an all-time high of 1,867 BTC and 3,952 ETH at month-end
• Global mining efficiency improved 13.5% year-over-year to 23.7 J/TH
• Joint venture sites produced ~45 BTC despite wildfire disruptions at the Alborz facility in Texas
• Canaan won an 8 MW hash-to-heat contract in the Nordic region and expanded its Tether partnership

Canaan (CAN) released its unaudited May 2026 bitcoin mining update on June 11, showing 90 BTC produced from self-mining operations and a further 24 BTC received from customers.

Canaan Inc., CAN

CAN stock was up 0.65% on the day.

The combined result pushed Canaan’s crypto treasury to a record 1,867 BTC and 3,952 ETH by the end of May — the highest level the company has reported.

The company closed May with 10.05 EH/s of installed hashrate and 6.47 EH/s of operating hashrate. The drop from installed to operating reflects the expiry of a planned hosting agreement.

On efficiency, Canaan’s North American self-mining fleet hit a record 17.9 J/TH. Global average efficiency came in at 23.7 J/TH — a 13.5% improvement year-over-year. Average power costs held at $0.043 per kWh.

Canaan’s joint venture operations, in which it holds a 49% stake, cover sites including Alborz, Bear, and Chief Mountain in West Texas. Those sites produced roughly 45 BTC during May.

The Alborz facility in Texas was hit by wildfire-related disruptions during the month. Management said the site is expected to return to full operations by mid-June.

Hash-to-Heat Expansion

On May 19, Canaan won a competitive bid to supply around 8 MW of hash-to-heat hydro-cooled equipment to a Nordic district heating network. The deal builds on an earlier 2 MW deployment that is already delivering hot water to local residents.

Beyond the Nordic project, Canaan runs 12 active mining projects globally, spanning the Americas, Ethiopia, the Middle East, Malaysia, and Canada. Total installed computing power across those operations stood at 14.96 EH/s as of May 31.

Tether Partnership Extended

On April 28, Canaan extended its collaboration with Tether through a follow-on order for high-density hash board modules. The modules are built for next-generation immersion-cooled mining and computing systems being deployed in South America.

The latest analyst rating on CAN carries a Buy recommendation with a $1.30 price target.

The company’s current market cap stands at approximately $232 million.

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