Canaan Technology Announces Strategic Restructuring, Terminating AI Chip Business to Focus on Bitcoin Mining

On June 24th, according to Canaan Technology's official WeChat account, Nasdaq-listed Canaan Technology ($CAN) announced on June 23, 2025, the launch of a strategic restructuring. This will involve terminating the non-core AI chip business unit and focusing on core businesses such as Bitcoin mining machine sales, proprietary mining, and consumer-oriented mining products. The company stated that this move aims to streamline operations, improve capital efficiency, and reduce non-core expenditures. It is reported that the AI chip business contributed only approximately $900,000.00 in revenue in fiscal year 2024, with related operating expenses accounting for approximately 15.00% of total expenditures. Nangeng Zhang, Chairman and CEO of Canaan Technology, stated that focusing on the core strengths of encryption infrastructure and Bitcoin mining is the company's wisest strategic direction, which will drive sustainable growth and unlock long-term shareholder value. [Shenchao TechFlow]