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Canaan Inc. (NASDAQ:CAN) is one of the best cryptocurrency and blockchain stocks to buy now. On January 14, Canaan Inc. (NASDAQ:CAN) announced strong growth in its mining operations, reporting a 61% year-over-year increase in operating hashrate and an 82% jump in installed hashrate, reaching 9.91 EH/s. The company mined 86 BTC in December and closed 2025 with record crypto holdings of 1,750 BTC and 3,951 ETH.
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Canaan also expanded its global power capacity to more than 250 MW across nine projects, improved miner efficiency to 24.3 J/TH, renewed a $30 million share buyback program, and launched a 3 MW heat-recovery initiative in Canada. However, despite outperforming the Bitcoin network’s 34% hashrate growth, the company continues to face financial pressure, with a negative 58% free cash flow yield and its stock down 52% over the past year.
On January 6, Canaan Inc. (NASDAQ:CAN) unveiled a 3.0 MW proof-of-concept program with Bitforest Investment Ltd, designed to recover heat from an Avalon Computing system. The companies plan to use the recovered heat as a supplemental source for greenhouse operations.
On December 8, BTIG initiated coverage of Canaan with a Buy rating and $3 price target, noting the company’s long history of producing ASIC mining rigs, including the efficient A16 model. Canaan also operates a self‑mining fleet across eight global data centers with holdings of about 1,600 BTC, and is focused on expanding self‑mining, increasing rig market share, and securing power infrastructure as part of its vertically integrated strategy.
Canaan Inc. (NASDAQ:CAN) is a technology company specializing in ASIC supercomputing chips, primarily known for designing and manufacturing Bitcoin mining machines (under the Avalon brand) and for providing related software, services, and edge computing solutions, with a focus on integrating efficient, often green, computing into applications such as data centers and energy.
While we acknowledge the potential of CAN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.