Crypto Hardware Maker Canaan Shares Crater 63% as Nasdaq Issues Delisting Notice

Nasdaq just delivered a gut punch to one of crypto's foundational players.

The Fallout Hits the Floor

Canaan Creative, the Chinese manufacturer behind the Avalon series of Bitcoin mining rigs, is staring down a delisting notice from the Nasdaq exchange. The move comes after the company's stock price took a brutal 63% nosedive, a plunge severe enough to breach the exchange's minimum bid price requirements. It's a stark reminder that in the hardware game, when the crypto market catches a cold, the miners get pneumonia.

Beyond the Hashrate

This isn't just about a stock ticker. Canaan's potential delisting signals deeper tremors in the mining infrastructure sector. As a publicly-traded bellwether, its struggles reflect the intense pressure on hardware margins—squeezed between volatile Bitcoin prices and relentless competition. For an industry built on predictable cycles, this kind of regulatory and market double-whammy throws a serious wrench in the gears.

The Road Ahead (If There Is One)

Canaan now faces a compliance period to get its share price back above the $1 threshold. The path forward likely involves a reverse stock split—a classic financial Hail Mary that does precisely nothing to fix underlying business model issues. It's the corporate equivalent of rearranging the deck chairs on the Titanic, but with extra paperwork for the investment bankers.

The saga underscores a brutal truth for crypto-adjacent public companies: Wall Street's patience is as thin as a wafer on a next-gen mining chip. When the numbers crater, the exchanges don't send a sympathy card—they send a notice.

Minimum Bid Deadline

The exchange gave Canaan 180 calendar days to push its share price back above $1.00 for 10 straight trading days, a rule meant to keep listings on the Nasdaq Global Market.

Reports note this grace period ends on July 13, 2026, and that trading will continue while the company works to meet the threshold.

Drop Stings Investors

Canaan’s stock has slid about 63% over the last 12 months, reflecting weak demand and broader stress in the crypto hardware sector.

Some market reports put the most recent close NEAR $0.79 or roughly in that area, underlining how far the price has fallen.

Reports say part of the pressure comes from lower orders and a shift in computing demand, as some buyers explore AI hardware instead of mining rigs.

That change hit revenues and left the stock vulnerable. The company has faced similar trouble before; this is a repeat warning less than a year after a prior compliance notice.

Company filings and market watchers say Canaan could try a reverse stock split to push the per-share price up quickly, or look for ways to boost sales and cash flow.

Either route has tradeoffs. A split can change share math but does not fix demand. Strengthening sales takes time and money.

Watch the daily closing price. If the ADS can close at or above 10 or more consecutive trading days at $1.00 or higher, Nasdaq will confirm compliance. If that does not happen by July 13, the company may face delisting or seek another extension through Nasdaq procedures.

Canaan still trades on Nasdaq for now. But the notice is a reminder that small shifts in demand and price can force big changes for hardware makers.

For holders, the path to safety is clear but not easy: the share price must climb and stay there. Reports say management will monitor the market and consider options to restore the listing standard.

Featured image from Unsplash, chart from TradingView