The publicly traded crypto miner Canaan will close its non-core AI semiconductor business unit “in the coming months” amid a strategic company realignment.
The business unit dealt with ASIC chips for artificial intelligence edge computing. The firm spent 15% of its total operating expenses for fiscal year 2024 on its AI semiconductor business, and the unit brought in $900,000 in the same timeframe. Canaan notes it has been looking for a potential buyer of its AI semiconductor business as early as March 2022, the firm wrote in a Monday company release.
Canaan will now allocate resources to bolstering its bitcoin mining machine sales, self-mining operations, and consumer mining products businesses.
“As we navigate a dynamic and rapidly evolving market environment, I believe that doubling down on our core strengths in crypto infrastructure and bitcoin mining is the most strategic path forward for Canaan,” said Canaan CEO and Chairman Nangeng Zhang in a statement. “By focusing our resources and talent on the areas where we have deep expertise and competitive advantage, we aim to drive sustainable growth, unlock long-term shareholder value, and continue playing a central role in the global crypto ecosystem.”
In March, Canaan reported $269.3 million in total revenue and $142.8 million in operating expenses for the full year of 2024.
Canaan’s stock (ticker CAN) traded down 5.3% to $0.58 per share on Monday, according to Yahoo Finance. The stock is down about 75% in the year-to-date period, giving the company a $241 million market cap.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
