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Canaan is racing against time to maintain its Nasdaq listing, underscoring the challenges faced by publicly traded cryptocurrency mining firms as poor stock performance coincides with stringent market regulations.
This week, the Bitcoin mining hardware producer revealed that Nasdaq issued a formal notification regarding its shares being priced below the minimum bid price of $1 for 30 consecutive trading days, thereby initiating a 180-day compliance window that concludes on July 13, 2026.
Source: Canaan
According to Canaan, this notice does not have an immediate impact on the listing or trading of its American depositary shares, which will continue to be listed and traded on the Nasdaq Global Market throughout the compliance period.
Canaan Shares Stand at $0.79 as Delisting Concerns Mount
To regain compliance, the stock must close at or above $1 for at least 10 consecutive business days. If this does not happen before the end of July, the company may qualify for an additional grace period, provided it meets other listing requirements and submits a plan, which could include a reverse stock split.
As of this writing, Canaan shares were trading around $0.79, clearly in penny stock territory. The stock has not exceeded $5 since 2022 and last closed above $2 in October, according to market data.
Source: Google Finance
While short-term fluctuations have shown sporadic recoveries, the overall trend has remained significantly negative, with the stock losing over half its value in the past year.
This delisting warning comes after signs of operational improvement in 2025, with Canaan announcing in October its largest hardware acquisition in three years, a deal to purchase 50,000 Avalon A15 Pro mining rigs.
However, that surge quickly diminished, illustrating a pattern investors have frequently observed where positive operational updates fail to lead to sustained stock strength.
Investor sentiment took another blow in December when Streeterville Capital, formerly Canaan’s largest institutional shareholder, divested its entire position.
This sale eliminated a crucial source of support for the stock and heightened concerns regarding liquidity, dilution risk, and long-term profitability.
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Canaan Expands Rapidly, but Profitability Remains Elusive
Financially, Canaan continues to bear a heavy financial load despite a substantial revenue increase in 2025 due to both hardware sales and self-mining initiatives; losses still prevailed on the balance sheet.
Revenue surged more than 2.5 times compared to the previous year in the third quarter of 2025, reaching $150.5 million, yet the company still reported a net loss of $27.7 million.
@CanaanInc revenue has soared 104% to $150.5M in Q3 2025, with stock rising 16% despite $BTC falling below $90K.
#Bitcoin #CryptoMining https://t.co/FFF6ACNWOc— Cryptonews.com (@cryptonews) November 18, 2025
Operating and net margins remained significantly negative, and analysts do not anticipate consistent profitability before 2027.
Although Canaan recorded unprecedented adjusted EBITDA in mid-2025 and bolstered its cash position to $119 million by the end of Q3, data also indicates high cash burn and increased financial risk.
On the operational front, the company expanded aggressively, with its deployed hashrate reaching nearly 10 exahash per second by the end of 2025, and its cryptocurrency treasury growing to a record 1,750 BTC alongside substantial ETH holdings.
Source: Canaan
Simultaneously, rising electricity costs, post-halving reward compression, and fierce competition among hardware manufacturers have squeezed profit margins.
Canaan’s renewed $30 million share buyback initiative, announced in December, reflects management’s belief that the stock is undervalued.
However, buybacks alone have yet to elevate the share price above Nasdaq’s minimum requirement, as it lacks sustained profitability and consistent investor demand.
Canaan is not alone in this predicament, as other crypto-related companies have recently received similar Nasdaq warnings.
In December, healthcare and Bitcoin treasury firm KindlyMD announced that it had also fallen out of compliance and was given until June 2026 to rectify the situation.
The post Bitcoin Miner Canaan Has 180 Days to Escape Nasdaq Delisting — Will It Survive? appeared first on Cryptonews.
