Canaan Inc. Secures Largest Order in Three Years

Canaan Inc., a Singapore-based cryptocurrency mining equipment manufacturer, announced on Wednesday that it has secured its largest order in three years. The order consists of more than 50,000 Avalon A15 Pro Bitcoin mining machines from an unnamed U.S. customer.

Canaan’s shares, listed on Nasdaq under the ticker CAN, quickly surged to a recent price of $1.30—a 25% increase on the day, marking the highest price reached since February.

The purchase order, revealed in a company statement, signifies a key milestone for Canaan as institutional demand for Bitcoin mining infrastructure begins to rebound. The machines are expected to be delivered in the fourth quarter of 2025, although the identity of the customer remains undisclosed.

Canaan Chairman and CEO Nangeng Zhang commented on the order, stating, “This milestone order represents a significant win for Canaan and reflects the robust resurgence of the U.S. market. It highlights not only the strength of our Avalon A15 Pro but also our deep commitment to serving customers worldwide, particularly in building long-term partnerships in the U.S. market.”

Recently, Bitcoin miners have gained traction alongside the rising price of Bitcoin, which was nearing $120,000 Thursday morning for the first time since mid-August. This trend follows significant investments from Google-backed miners, Cipher Mining and TeraWulf.

A report from JP Morgan highlighted that the top 14 publicly traded Bitcoin mining firms in the U.S. reached a peak combined market cap above $50 billion for the first time in September. In addition to Bitcoin’s price increase, mining firms are benefiting from the demand for high-performance computing to support AI and other applications.

Bitcoin mining is a costly and energy-intensive process that secures the leading cryptocurrency network while rewarding participants with newly minted Bitcoin. Today, many miners operate large-scale industrial operations housed in warehouses, upgrading their hardware to more powerful and efficient rigs as mining difficulty continues to increase over time.

The Avalon A15 Pro is Canaan’s latest-generation mining hardware, designed for industry-leading efficiency and reliability—key factors as power costs increasingly impact mining profitability.