Canaan Shares Jump Over 12% as it Lands Largest U.S. Order in 3 Years

Bitcoin mining equipment maker Canaan (CAN) has secured its biggest hardware order in three years, selling over 50,000 of its Avalon A15 Pro bitcoin miners to a U.S.-based mining firm.

The machines are set to ship in the fourth quarter of 2025, the Singapore-based company said. The name of the buyer wasn’t named, although the scale of the purchases points to a major mining operations.

"This milestone order represents a significant win for Canaan and reflects the robust resurgence of the U.S. market,” Canaan CEO Nangeng Zhang said in a statement.

The order also points to miners’ continued bets on the industry, even as the cryptocurrency’s mining difficulty climbs to a new all-time high. Shares of Canaan were up 12% in pre-market trading following the news and moved up nearly 18% in yesterday’s trading session.

While reciprocal tariffs applied for Chinese-sourced ASIC miners and Canaan has, for most of its history, been operating from China, it may be able to avoid these costs. The company operates facilities in the both the U.S. and Malaysia, which it has leveraged for a separate purchase agreement with Cipher Mining.

The company did not specify which facilities will be fulfilling the 50,000 AISC order.