Bitcoin Miner Canaan Has 180 Days to Escape Nasdaq Delisting — Will It Survive?
Canaan is struggling towards the time to retain its Nasdaq itemizing, highlighting the strain on publicly traded crypto mining firms as poor fairness efficiency and difficult market rules collide.
This week, the Bitcoin mining {hardware} producer disclosed that Nasdaq despatched it a proper discover as regards its shares being listed at lower than the minimal bid value of $1 for 30 consecutive enterprise days, thereby activating a 180-day compliance interval ending July 13, 2026.
As Canaan said, the discover has no instant impact on the itemizing or buying and selling of its American depositary shares that can stay listed and traded on the Nasdaq Global Market all through the compliance interval.
In order to regain compliance, the inventory has to shut at the very least 10 consecutive enterprise days at or above $1. Unless that happens earlier than the top of July, the corporate might be topic to one other grace interval, assuming that it satisfies different itemizing standards and recordsdata a plan, which could embrace a reverse inventory break up.
At the time of writing, Canaan shares have been altering fingers round $0.79, firmly in penny inventory territory. The inventory has not traded above $5 since 2022 and final closed above $2 in October, according to market information.
While short-term actions have proven occasional rebounds, the broader development has remained sharply detrimental, with the inventory dropping greater than half its worth over the previous yr.
This delisting alert follows indications of operational enchancment in 2025, with Canaan reporting in October its largest {hardware} purchase in three years, a contract to buy 50,000 Avalon A15 Pro mining rigs.
That rally, nonetheless, pale shortly, reflecting a sample buyers have seen repeatedly as constructive operational information fails to translate into sustained fairness power.
Investor confidence took one other hit in December when Streeterville Capital, beforehand Canaan’s largest institutional holder, exited its complete place.
The sale eliminated a big supply of help for the inventory and bolstered considerations round liquidity, dilution danger, and long-term profitability.
Canaan Grows Fast, however Profitability Remains Elusive
Financially, Canaan nonetheless wears its monetary burden although the income skyrocketed in 2025 on account of not solely {hardware} gross sales but in addition self-mining actions; losses nonetheless dominated the underside line.
Revenue elevated greater than 2.5 occasions in contrast to the prior yr during the third quarter of 2025 to reach $150.5 million, however the firm continued to publish a internet lack of $27.7 million.
@CanaanInc income has surged 104% to $150.5M in Q3 2025, with inventory leaping 16% regardless of $BTC dropping beneath $90K.
#Bitcoin #CryptoMining https://t.co/FFF6ACNWOc
— Cryptonews.com (@cryptonews) November 18, 2025
Operating and internet margins remained deeply detrimental, and analysts don’t count on constant profitability earlier than 2027.
Although Canaan posted document adjusted EBITDA in mid-2025 and strengthened its money place to $119 million by the top of Q3, information additionally factors to high money burn and elevated monetary danger.
Operationally, the corporate expanded aggressively as its deployed hashrate climbed to practically 10 exahash per second by the top of 2025, and its crypto treasury grew to a document 1,750 BTC alongside vital ETH holdings.
At the identical time, rising electrical energy prices, post-halving reward compression, and intense competitors amongst {hardware} producers have squeezed margins.
Canaan’s renewed $30 million share buyback program, announced in December, reveals administration’s view that the inventory is undervalued.
However, buybacks alone have up to now failed to raise the share value above Nasdaq’s threshold, because it lacks sustained profitability and steady investor demand.
Canaan isn’t the one one dealing with the scenario, as different crypto-adjacent firms have lately confronted related Nasdaq warnings.
In December, healthcare and Bitcoin treasury firm KindlyMD disclosed that it, too, had fallen out of compliance and was given till June 2026 to get better.
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