Canaan Q4 unearths 300 bitcoins, revenue doubles to $196 million Bitcoin mining machine manufacturer Canaan (NASDAQ: CAN) announced its Q4 2025 financial report, with revenue reaching $196 million, a year-on-year increase of 121%, setting a new quarterly sales record in three years. The growth is mainly due to large-scale mining machine orders in North America, with Canaan delivering a total of 14.6 EH/s computing devices this quarter. In the quarter, the company's mining business generated $30.4 million in revenue, mining a total of 300 bitcoins with an implied price of approximately $101000 per coin. In addition, Canaan has increased its Bitcoin reserves through self operated mining operations, holding approximately 1750 Bitcoin and 3951 Ethereum by the end of 2025, with a total value of approximately $165 million. In January 2026, the company added 83 new bitcoins for mining, increasing its total reserves to 1778. Part of the growth comes from converting the profits from mining machine sales of stablecoins into Bitcoin. Despite the rebound in revenue, the company still incurred a fair value loss due to the decline in cryptocurrency prices, reporting a net loss of $85 million. Canaan plans to expand into the fields of energy and computing infrastructure, and launch a 3-megawatt heat recovery pilot project in Canada to use mining machine heat for greenhouse heating. Expected revenue for the first quarter of 2026 is between 60 million and 70 million US dollars.