Canaan Creative(비트코인 채굴칩 설계업체)가 AI 인프라 사업으로의 전환을 추진하며 Q2 매출 미달에도 불구하고 12% 주가 상승을 견인했다.

Canaan's stock rallied 12% to €0.3080 on Friday, defying a soft crypto market as Bitcoin slipped 2.2% the same day. The advance reflects a broader pivot: investors increasingly view mining operators as infrastructure plays tied to artificial intelligence and high-performance computing rather than pure Bitcoin proxies.

On-chain momentum supports the shift. CryptoQuant's Bull Score Index jumped from 30 to 80 over the past week—its highest reading since October 2025—providing tailwind to mining equities despite weaker spot Bitcoin. The stock now trades 26% above its 50-day moving average, a technical signal suggesting short-term recovery after a difficult year-to-date decline.

The rally comes on the heels of Tuesday's second-quarter 2026 earnings release, which delivered mixed results. Revenue landed at $31.9 million, missing Canaan's guidance range of $35 million to $45 million. The company posted a quarterly loss of $97.6 million and an adjusted EBITDA loss of $74.9 million, with sales down sharply from $100.2 million a year prior. Mining hardware was the key drag: segment revenue collapsed to $13.6 million from $42.9 million in the first quarter.

Management guided conservatively for the current quarter, projecting Q3 revenue of just $11 million to $15 million. A stabilizing offset has been Canaan's internal mining operation, which generated $18 million in second-quarter revenue and produced 243 Bitcoin. The balance sheet strengthened, with cash rising to $66 million from $43 million at quarter-end, bolstered by strategic sales of crypto reserves.

The company is pursuing a strategic overhaul centered on expanding proprietary mining and launching new product lines. It is preparing mass production of its Avalon Home series for Q3, targeting retail availability for the holiday season, and intends to build gigawatt-scale power resources by year-end 2026. A July operational update showed installed hashrate across joint ventures at 4.85 EH/s, with North American fleet efficiency holding steady at 17.9 J/TH.

Canaan confirmed it has migrated to the Nasdaq Capital Market—a shift initiated July 1—and secured a 180-day extension through January 11, 2027, to restore compliance with the $1.00 minimum bid price requirement. Trading continues uninterrupted under ticker CAN. The company is leveraging its liquid reserves to fund a buyback program; as of Tuesday, it had repurchased 16.4 million ADSs for $7.4 million. Management has authorized the sale of digital currency holdings to finance the effort. Media reports indicate Canaan sold 3,952 Ether and 54 Bitcoin for approximately $13.9 million in late August, with proceeds directed largely into repurchases. At quarter-end, Canaan held 1,915 Bitcoin and 3,952 Ether, reflecting management's conviction that shares trade below intrinsic value when factoring in cash and crypto holdings.

Wall Street trimmed forecasts midweek. Rosenblatt Securities cut its price target to $0.75 from $1.30 while maintaining a buy rating; BTIG lowered its target to $2.00 from $3.00, also keeping a positive stance. Investor sentiment remains guarded, however. The stock sits roughly 13% above its 50-day moving average but has lost 55% of its value since the start of the year—a reminder that the path to compliance and renewed confidence remains incomplete.