Overview
- Benchmark raised Canaan’s ADR price target to $4 from $2 and reiterated its rating, describing a strengthening turnaround.
- Shares gained about 5% on Thursday to roughly $1.79–$1.80, leaving the new target implying about 118% upside.
- Nasdaq recently confirmed Canaan regained minimum bid-price compliance, lifting a delisting overhang that had pressured liquidity.
- Canaan reported its largest U.S. order in three years for more than 50,000 Avalon A15 Pro rigs from an unnamed customer, with shipments expected in Q4 2025.
- September self-mining data showed 9.3 EH/s deployed, 92 BTC mined, holdings of about 1,582 BTC and 2,830 ETH, and an average power cost of $0.042/kWh that Benchmark flagged as highly competitive.