NEW YORK, August 20, 2026, 16:06 EDT — US cash markets ended trading for the day.
- Canaan gained 12.95% after President Donald Trump urged Congress to approve the CLARITY Act.
- Canaan’s crypto treasury in July was valued at an indicative $146.1 million based on Thursday’s prices, representing 72.3% of the company’s market capitalization.
- The Senate has set its initial procedural vote for September 15.
Canaan Inc. NASDAQ:CAN ended Thursday at $0.2712, rising 12.95%. The bitcoin-mining hardware producer advanced alongside a broad crypto market surge after Trump called on lawmakers to pass a “fair version” of the Digital Asset Market Clarity Act. Momentum from the White House provided an additional policy boost to gains already spurred by Treasury bond buybacks and short covering. Reuters; Canaan market data
The change is significant as Canaan currently trades similarly to a small, leveraged cryptocurrency proxy. Its equity value of $202 million is just slightly higher than the recorded value of its reported bitcoin and ether holdings. This means that factors such as the operating business, liabilities, and the risk attached to its listing will indicate how much of the perceived asset discount is justified.
| Asset or stock | Thursday move | Closing or quoted level | Investor exposure |
|---|---|---|---|
| Canaan NASDAQ:CAN | +12.95% | $0.2712 | Hardware for mining, mining operations and digital coin reserves |
| MARA Holdings NASDAQ:MARA | +15.49% | $11.15 | Bitcoin mining and related infrastructure |
| Riot Platforms NASDAQ:RIOT | +8.33% | $21.00 | Bitcoin mining and energy assets |
| Strategy NASDAQ:MSTR | +7.77% | $112.35 | Major corporate bitcoin holdings |
| Coinbase Global NASDAQ:COIN | +7.55% | $172.29 | Crypto trading, storage and related services |
| Bitcoin | +3.48% | $71,505 | Primary digital asset |
| Ether | +2.46% | $2,272 | Main cryptocurrency asset |
As of July 31, Canaan held 1,917 bitcoin and 3,952 ether. Using Thursday’s Reuters valuations, these assets are worth around $146.1 million. This estimate is preliminary and does not take into account taxes, transaction fees, liabilities, or treasury activity following July.
| Holding | Reported quantity | Reference price | Illustrative value |
|---|---|---|---|
| Bitcoin | 1,917 BTC | $71,505 | $137.1 million |
| Ether | 3,952 ETH | $2,272 | $9.0 million |
| Total | — | — | $146.1 million |
| Total / market value | — | $202.0 million market cap | 72.3% |
Canaan produced 46 bitcoin during July. The company’s total operational hashrate worldwide was 14.24 exahashes per second, and its average overall electricity cost stood at $0.043 per kilowatt-hour. Chief Executive Nangeng Zhang described July as “a month of continued operational discipline” amid changing mining conditions.
The company has given management approval to sell a portion of its digital-asset holdings to support share buyback efforts. This move establishes a rare feedback mechanism. Rising bitcoin prices boost the strength of the treasury, and when shares are priced lower, buybacks funded by coin sales become more appealing.
The CLARITY Act proposes to assign regulatory responsibilities to both the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would also introduce new requirements for disclosure and registration targeting digital-asset intermediaries. In May, the Senate Banking Committee approved the legislation with a 15-9 vote.
| Policy milestone | Date or status | Market relevance |
|---|---|---|
| Senate Banking Committee decision | 15-9 on May 14 | Advanced H.R. 3633 for Senate debate |
| Trump public push | August 19 | Increased executive branch involvement |
| Motion-to-proceed cloture vote | September 15 at 14:15 EDT | First major test on Senate floor |
| Main outstanding issue | Political-official crypto conflicts | May influence legislative amendments and votes |
Bo Pei, an analyst at US Tiger Securities, described Trump’s remarks as “incrementally positive,” citing that they signal increased direct involvement from the White House in pressing Congress. However, the initial boost does not eliminate legislative ambiguity. Some lawmakers continue to push for tighter restrictions on cryptocurrency ownership and endorsements by public officials.
Canaan still has limited but optimistic analyst coverage. The existing consensus is based on input from six analysts, with just three recent price targets available. The average target of $1.72 stands at over six times Thursday’s closing price, highlighting both optimism and how quickly such projections can become outdated for a stock trading below $1.
| Analyst measure | Current reading | Versus $0.2712 close |
|---|---|---|
| Consensus | Strong Buy | 5 recommend Strong Buy, 1 rates Hold |
| Average target | $1.72 | up 534% |
| Low target | $0.90 | up 232% |
| High target | $3.00 | up 1,006% |
| BTIG / Gregory Lewis | Buy, $3.00 | Reiterated July 24 |
| Rosenblatt / Kevin Cassidy | Buy, $1.30 | Reiterated May 21 |
| H.C. Wainwright / Kevin Dede | Buy, $1.50 | Reiterated February 24 |
Canaan posted first-quarter revenue of $62.7 million, a steep decline from the previous quarter due to the completion of a significant hardware order. Mining income reached $19.1 million, and the company stated its total power cost was $0.04 per kilowatt-hour.
The risks are tangible. Bitcoin may retreat if short covering slows, which would reduce both treasury holdings and miner profitability. Canaan is also required to maintain a closing share price of at least $1 for ten consecutive business days by January 11, 2027, to address Nasdaq’s minimum price requirement. Executing a reverse stock split or further dilution could diminish the perceived asset discount.
The upcoming corporate update comes soon, with Canaan set to release earnings on August 25. The initial policy trial is slated for September 15, as the Senate prepares to vote on advancing the CLARITY Act.
Related articles: Cryptocurrency
Crypto policy meets balance-sheet leverage
Canaan closed 13% higher after President Donald Trump pressed Congress to advance crypto market-structure rules. Its disclosed coin holdings add a second lever: at current spot prices, they equal about 72% of the company’s market value.
Policy rally: miners carried more torque
Not a pure policy comparison.
Coin holdings versus market value
What the CLARITY process changes
Senate Banking moved the measure forward on a 15–9 vote.
Trump urged Congress to pass a “fair version” of the bill.
The next hard catalyst is procedural, not final enactment.
Analyst map 6 analysts
Operating snapshot
Risk check
- Policy momentum can fade. A cloture vote is not final passage.
- Coin prices can cut treasury value before the next balance-sheet update.
- Canaan lost $212.6 million over the trailing 12 months.
- Nasdaq requires a $1 closing bid for ten consecutive business days by Jan. 11, 2027.
