Catenaa, Sunday, June 29, 2025- Publicly traded crypto miner Canaan announced plans to close its artificial intelligence semiconductor division in the coming months, shifting focus entirely to its core bitcoin mining operations as part of a company-wide strategic realignment.
The AI unit, which specialized in ASIC chips for edge computing, generated just $900,000 in revenue in 2024 while consuming 15% of total operating expenses. Canaan has been seeking a buyer for the underperforming division since March 2022, the firm said in a statement Monday.
CEO and Chairman Nangeng Zhang said the decision reflects a commitment to strengthening the company’s position in the bitcoin mining sector, including mining machine sales, self-mining, and consumer-facing crypto products.
Canaan posted $269.3 million in revenue and $142.8 million in operating expenses for fiscal year 2024. The pivot signals a retreat from diversification efforts and a renewed focus on areas where the company believes it holds a competitive edge.
Shares of Canaan (CAN) dropped 5.3% Monday to $0.58, extending a year-to-date decline of approximately 75%. The company’s market capitalization now stands at $241 million, as investors await signs of traction from the renewed bitcoin-centric strategy.
