Crypto miner Canaan to shutter non-core AI semiconductor business unit amid strategic realignment
The publicly traded crypto miner Canaan will close its non-core AI semiconductor business unit "in the coming months" amid a strategic company realignment.The business unit dealt with ASIC chips for artificial intelligence edge computing. The firm spent 15% of its total operating expenses for fiscal year 2024 on its AI semiconductor business, and the unit brought in $900,000 in the same timeframe. Canaan notes it has been looking for a potential buyer of its AI semiconductor business as early as March 2022, the firm wrote in a Monday company release.Canaan will now allocate resources to bolstering its bitcoin mining machine sales, self-mining operations, and consumer mining products businesses."As we navigate a dynamic and rapidly evolving market environment, I believe that doubling down on our core strengths in crypto infrastructure and bitcoin mining is the most strategic path forward for Canaan," said Canaan CEO and Chairman Nangeng Zhang in a statement. "By focusing our resources and talent on the areas where we have deep expertise and competitive advantage, we aim to drive sustainable growth, unlock long-term shareholder value, and continue playing a central role in the global crypto ecosystem."In March, Canaan reported $269.3 million in total revenue and $142.8 million in operating expenses for the full year of 2024.Canaan's stock (ticker CAN) traded down 5.3% to $0.58 per share on Monday, according to Yahoo Finance. The stock is down about 75% in the year-to-date period, giving the company a $241 million market cap.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.