China's global "blockchain first stock" faces delisting warning from Nasdaq and may reverse split to save itself

Source: US Stock Financial Society

Canaan Inc. (嘉楠科技, NASDAQ: CAN), a cryptocurrency mining hardware manufacturer from China, has received a delisting warning from NASDAQ.

Previously, the company's stock price had been below $1 for 30 consecutive trading days.

This is the second company to receive a NASDAQ delisting notice within two months.

Canaan stated in a press release that on January 15, the company received a notice indicating that its stock failed to meet the minimum bid price requirement of the exchange, which stipulates that the closing price of the stock must be at least $1 per share for ten consecutive trading days.

NASDAQ has given Canaan 180 days, until July 13, to regain compliance.

The last time Canaan's stock closed above $1 was on November 28 of last year. In fact, last Friday, Canaan's stock price fell by 3.82%, closing at $0.7888, with a total market capitalization of $443.1 million.

Over the past year, the demand for mining equipment has decreased as many miners have shifted to providing computing power for artificial intelligence projects instead of cryptocurrency mining, leading to a 60.76% decline in Canaan's stock.

Canaan stated that if the company fails to regain compliance by July 13, it may apply for an extension, which could include "a reverse stock split if necessary."

A reverse stock split would reduce the number of shares outstanding, thereby increasing the value of the remaining shares.

Visit the following link to subscribe to the latest news email:

https://nbwpress.com/subscribe.html

Canaan's notice is similar to previous actions taken by NASDAQ against other cryptocurrency-related companies.

In December 2025, Kindly MD (NASDAQ: NAKA), a Bitcoin fund management company, received a delisting warning after its stock price was below $1 for 30 consecutive trading days.

In August 2025, NASDAQ delisted Windtree Therapeutics for similar violations.

Despite facing challenges, Canaan has secured some large orders.

In October of last year, a U.S. company purchased 50,000 units of the latest Avalon A15 Pro devices, marking the company's largest sale in over three years, briefly boosting its stock price by 25%.

The company also received a strategic investment of $72 million from BH Digital, Galaxy Digital, and Weiss Asset Management in November of last year to strengthen its balance sheet and fund infrastructure projects.

Canaan is a Chinese semiconductor company founded in 2013 by Zhang Nengeng and others. The company went public on NASDAQ in November 2019. Its main business includes the research and sales of Bitcoin mining machines, self-operated mining operations, and consumer-level mining products. The company's official website claims it is the world's "first blockchain stock" and the first Chinese company with independent intellectual property AI chips to be listed in the U.S.

The company focuses on ASIC chip design and has launched the world's first commercial AI chip based on the RISC-V architecture, the K210, along with subsequent iterations.

On June 24, 2025, Canaan announced a strategic restructuring, terminating its non-core AI chip business unit to focus on core businesses such as Bitcoin mining machine sales and self-operated mining.

In the second quarter of 2025, the company achieved revenue of $100.2 million, with mining revenue of $28.1 million reaching a record high, and Bitcoin reserves reaching 1,511 coins; in May of the same year, the company produced 109 Bitcoins from its self-operated mining, setting a new monthly record.

In the third quarter of the same year, the company's total revenue further increased to $150.5 million, with mining revenue reaching $30.55 million, and cryptocurrency holdings increasing to 1,610 BTC and 3,950 ETH by the end of October.

The company launched the A16 series Bitcoin mining machines and expanded its overseas business, initiating a 2.5 megawatt mining pilot project in Canada and another 3 megawatt pilot project in January 2026, exploring the use of mining waste heat for greenhouse agriculture. The company signed a contract for 4.5 megawatts of mining machines with a Japanese power engineering firm for grid load regulation.