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Investing.com - Canaan Inc. (NASDAQ:CAN) shares rose sharply, surging 66% in the past week to $1.41, after the company announced it secured an order for more than 50,000 Avalon A15 Pro mining machines from a U.S.-based bitcoin mining operator. According to InvestingPro data, this rally comes amid typically high price volatility for the $675 million market cap company.
The purchase order represents Canaan’s largest single order in the past three years, coming just one day after the company disclosed an agreement with Soluna Holdings (NASDAQ:SLNH) that advanced its self-mining efforts in North America.
Benchmark maintained its Buy rating on Canaan stock with a $2.00 price target following the announcement.
The deal provides validation of the company’s execution on its strategic plan, according to Benchmark.
The positive news comes at a critical time for Canaan, which needs to maintain a share price above $1 for 10 consecutive trading days to avoid Nasdaq delisting.
In other recent news, Canaan Inc. announced it has secured a significant order from a U.S.-based bitcoin miner for over 50,000 Avalon A15 Pro mining machines. This deal marks Canaan’s largest order in the past three years, though the financial details remain undisclosed. Additionally, Canaan has partnered with Soluna Holdings to deploy 20 megawatts of Avalon A15 XP Bitcoin miners at a wind-powered site in Texas, with operations expected to commence in the first quarter of 2026. In August 2025, Canaan reported a 10% increase in its monthly bitcoin mining, producing 98 bitcoins and increasing its bitcoin treasury to 1,547 BTC. The company’s deployed hashrate reached 8.6 exahashes per second, with an operating hashrate of 7.5 EH/s. Benchmark has reiterated its Buy rating for Canaan, maintaining a price target of $2.00, following discussions with the company’s CFO and Head of Capital Markets. These developments underscore Canaan’s strategic moves in the crypto mining sector.
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