Catenaa, Friday, October 17, 2025- Bitcoin mining hardware maker Canaan Inc. (NASDAQ:CAN) saw its stock jump more than 40% Monday, closing at $1.52, following plans to launch a gas-to-compute pilot in Alberta, Canada.
The pilot, developed with Calgary-based Aurora AZ Energy, aims to convert distributed natural gas resources into reliable, cost-efficient power for high-density computing, including Bitcoin mining and AI workloads.
The company claims the initiative could reduce carbon emissions by 14,000 tons annually by using gas that would otherwise be flared.
Canaan’s trading volume more than doubled Monday, hitting 72.3 million shares compared with its monthly average of 30.8 million, marking one of the busiest sessions of the year.
The announcement comes amid renewed demand for Canaan’s hardware, following a recent 50,000-unit Avalon A15 Pro order from a US customer- the company’s largest in three years.
The surge in Canaan shares reflects broader gains across the Bitcoin mining sector.
Nasdaq-listed peers, including HIVE Digital, MARA, and CleanSpark, also saw strong trading Monday, buoyed by Bitcoin’s rally to about $114,700 after last week’s market volatility triggered more than $19 billion in crypto liquidations.
Canaan has not yet released performance metrics for the Alberta pilot, though the company indicated it will test whether modular, off-grid systems can provide lower-cost, reliable energy for crypto and AI computing.
