Bitcoin News Today: Canaan's Strategic Pivot to Bitcoin Mining Fuels 18% Surge and Record Holdings

Canaan Inc. (NASDAQ: CAN) shares surged 18% in pre-market trading on Tuesday, driven by a dramatic turnaround in its financial performance and a record expansion of its Bitcoin holdings. The crypto-mining hardware maker reported third-quarter revenue of $150.5 million, a 104.4% year-over-year increase that far exceeded the $129.95 million consensus estimate. Despite a wider-than-expected adjusted loss of -$0.36 per share, the company highlighted a 241% year-over-year jump in Bitcoin mining revenue to $30.6 million, fueled by 267 bitcoins mined during the quarter and a record 10 exahashes per second of computing power sold according to the latest financial report.

The gross-profit improvement marked a pivotal shift for Canaan, which posted a $16.6 million gross profit in Q3 2025 - compared to a $21.5 million gross loss in the same period of 2024. CEO Nangeng Zhang attributed the results to "product mix optimization and supply chain resilience," while emphasizing the company's strategic pivot toward Bitcoin mining operations.

By quarter-end, Canaan's crypto treasury had grown to 1,581.9 BTC and 2,830 ETH according to financial disclosures, with further expansion to 1,610 BTC and 3,950 ETH by October 2025 as reported by Seeking Alpha. The firm also secured a major contract in November, with a U.S.-based miner ordering over 50,000 Avalon A15 Pro machines - the largest single deal in three years.

Looking ahead, Canaan projected Q4 2025 revenue between $175 million and $205 million, well above the $148.3 million consensus estimate. The guidance reflects confidence in fulfilling large customer orders and expanding its self-operated mining hash rate, though the company acknowledged risks from U.S. tariff policies and global regulatory shifts. Analysts remain bullish, with a "buy" consensus rating and a median 12-month price target of $3.00 - 71.6% above its recent closing price.