Nasdaq Issues Delisting Warning to Bitcoin Mining Hardware Firm Canaan

Estimated reading time: 2 minutes

• Nasdaq has warned Canaan that it could face delisting unless its share price rises above $1.
• Canaan’s stock has remained under pressure despite a brief rally in October following a large 50,000-unit mining rig order.
• The company’s compliance challenge has been compounded by the exit of its largest institutional investor, Streeterville Capital.

Nasdaq has warned bitcoin mining hardware manufacturer Canaan that it faces possible delisting if its share price fails to meet minimum listing requirements.

In a notice issued earlier this week, Nasdaq said Canaan must lift its share price above $1 for at least 10 consecutive trading days by July to remain listed. The company disclosed the warning in a press release on Friday.

Canaan’s shares were trading at around $0.79 at the time of writing. The stock has not traded above $5 since 2022, and last closed above $2 in October, according to market data.

Nasdaq rules require listed companies to maintain a minimum bid price of $1. If Canaan fails to regain compliance by the deadline, Nasdaq may grant an extension. Companies in similar situations have previously used reverse stock splits to raise their per-share price without changing overall market value.

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The warning comes despite a brief rally in October, when Canaan announced an order for 50,000 Avalon A15 Pro mining rigs, its largest hardware order in three years. The announcement pushed the stock up roughly 25% on the day.

“This milestone order represents a significant win for Canaan and reflects the robust resurgence of the U.S. market,” said Nangeng Zhang, chairman and CEO of Canaan, in an October statement. “It highlights not only the strength of our Avalon A15 Pro but also our deep commitment to serving customers worldwide, with a particular focus on building long-term partnerships in the U.S. market.”

The gains, however, proved short-lived. In December, Streeterville Capital, Canaan’s largest institutional investor at the time, exited its entire position, which was valued at approximately $439 million, according to regulatory filings.

Canaan is not alone in facing Nasdaq compliance pressure. Last month, bitcoin treasury firm Kindly MD received a similar notice, giving it until June 2026 to raise its share price above $1 to avoid delisting.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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