Canaan Mines 90 BTC in May: Bitcoin Holdings Hit Record 1,867 BTC

Nasdaq-listed Bitcoin mining company Canaan Technology (NASDAQ: CAN) has reported production of 90 BTC from self-operated mining operations for May 2026, pushing its total Bitcoin holdings to a record high of 1,867 BTC. The disclosure, announced via PR Newswire on June 13, 2026, marks a significant milestone for the company as it continues to expand its crypto treasury alongside its mining infrastructure.

What Happened

According to the May 2026 operational update released on June 13, Canaan's self-mining operations delivered 90 BTC during the month, with an additional 24 BTC received from customer payments. The company's total Bitcoin holdings reached 1,867 BTC by May 31, 2026, representing a new all-time high for the miner's crypto treasury. Ethereum holdings stood at 3,952 ETH, unchanged from the previous month.

Canaan's self-mining hashrate reached 23.32 EH/s in May, while hashrate leasing contributed an additional 8.35 EH/s, bringing total operational hashrate to 31.67 EH/s. The company's average daily Bitcoin production from self-mining was approximately 2.9 BTC per day across the 31-day month.

The update was filed through the company's investor relations channel and reported by multiple financial news outlets including WEEX, Seeking Alpha, and Panewslab, confirming the production figures from the official press release.

Why It Matters

Canaan's consistent 90 BTC monthly production demonstrates the stability of its self-mining operations at scale. With 1,867 BTC in treasury, the company holds approximately $112 million in Bitcoin at current prices (assuming ~$60,000/BTC), representing a substantial crypto asset base for a Nasdaq-listed mining pure-play. This treasury strategy mirrors approaches seen at other public miners, as detailed in our analysis of Canaan's Bitcoin accumulation.

The 31.67 EH/s total hashrate positions Canaan among the larger public Bitcoin miners by computational capacity. For context, the global Bitcoin network hashrate hovered around 600-650 EH/s in May 2026, meaning Canaan's operations represent roughly 5% of total network security. This hashrate expansion comes amid broader market movements, including the Dow surge of 900 points on geopolitical developments.

Notably, the company maintained its Ethereum position at 3,952 ETH (approximately $12.6 million at ~$3,200/ETH), signaling a diversified crypto treasury strategy beyond pure Bitcoin accumulation. This dual-asset approach may provide a hedge against Bitcoin-specific volatility. Similar institutional crypto adoption trends are visible in Digital Asset's $355M funding round led by a16z.

What's Next

Canaan's June production will be closely watched for any impact from Bitcoin's difficulty adjustment, which decreased by 10.09% in early June 2026—one of the largest single reductions since 2026 began. Lower difficulty typically improves mining economics for operators with fixed hashrate capacity. Market valuation concerns persist, as highlighted by the Shiller P/E ratio hitting 42.66.

Analysts will also monitor whether the company continues its steady accumulation pace or accelerates treasury growth in the second half of 2026. With 23.32 EH/s of self-mining hashrate already deployed, Canaan has significant operational leverage if Bitcoin prices sustain above $60,000. The upcoming SpaceX IPO could also influence risk appetite across tech and crypto sectors.

Inflation dynamics remain a key backdrop, with US inflation surging to 4.2% recently, while prediction market platforms challenge regulatory frameworks.

Source: Canaan Inc. PR Newswire Release (Official Website)