Bitcoin News Today: Bitcoin Slumps, Canaan Soars: Mining Surge Defies Crypto Downturn

Canaan Inc. (NASDAQ: CAN) surged nearly 16% in pre-market trading on Nov. 18 after the cryptocurrency mining hardware provider reported a 104% year-over-year revenue increase in Q3 2025, driven by record Bitcoin mining output and strong product sales. The company's total revenue reached $150.5 million, surpassing the $129.95 million consensus estimate and marking its strongest quarterly performance in years. Despite a $27.7 million net loss, Canaan's stock climbed 5.52% as investors focused on operational improvements and a 241% year-over-year jump in mining revenue to $30.6 million.

The results reflect a strategic pivot toward Bitcoin mining amid a volatile crypto market. Canaan sold over 10 exahashes per second (EH/s) of computing power in Q3, a 55.6% sequential increase, while its self-mining operations generated 267 BTC at an average revenue of $114,485 per coin. "We delivered a strong performance amid complex macro conditions," said CEO Nangeng Zhang, highlighting record-breaking demand for its Avalon A15 Pro machines. A U.S.-based client recently ordered 50,000 units, the company's largest single deal in three years.

The earnings beat was supported by a 78.6% quarter-over-quarter rise in gross profit to $16.6 million, reversing a $21.5 million loss in the same period last year. This improvement stemmed from optimized product mix and supply chain efficiencies, though the company still posted an adjusted loss of $0.36 per share, far worse than the expected $0.01. Canaan's cash balance grew 80.9% to $119 million, bolstered by a $72 million strategic investment from institutional investors including Brevan Howard and Galaxy Digital.

Looking ahead, Canaan raised its Q4 revenue guidance to $175–205 million, citing sustained demand in North America and Asia. The company also announced plans to expand its U.S. production capabilities and launch the next-generation Avalon A16XP miner, featuring 300 terahashes per second (TH/s) of computing power. Analysts remain optimistic, with a "buy" consensus rating and a median 12-month price target of $3.00, 71.6% above its Nov. 17 closing price.

The surge in Canaan's stock comes as Bitcoin prices fell to a seven-month low under $90,000, yet the company's business model appears insulated from some of the sector's volatility. Product sales accounted for 79% of total revenue, while mining income grew despite elevated network difficulty. Institutional investors have taken note: the company's crypto treasury now includes 1,610 BTC and 3,950 ETH, valued at over $161 million.