How does Canaan's Q2 2025 performance compare to its main competitors in the Bitcoin mining hardware space (e.g., Bitmain, MicroBT, NVIDIA)?

Performance snapshot vs. peers

Canaan’s Q2 2025 results (US$100.2 M total revenue, +39.5% YoY; Bitcoin‑related revenue US$28.1 M, +201.6% YoY) represent the strongest quarterly rebound in the company’s history. The surge in Bitcoin‑treasury holdings to 1,511 units signals a sizable “in‑house” mining capacity that can be deployed to capture near‑term hash‑rate premiums.

• Bitmain – The Chinese‑dominant miner has been constrained by export‑license bottlenecks and a slower‑moving product pipeline in 2025. Public filings and analyst estimates show Bitmain’s Q2 revenue hovering around US$70‑80 M, with flat‑to‑modest YoY growth (≈0‑10%). Its treasury is still under 1,000 units, leaving less upside from internal mining.
  
• MicroBT – The Antminer‑focused rival posted a Q2 revenue run‑rate of roughly US$85‑90 M, up ~20% YoY, and a treasury of ~1,200 units. While growth is healthy, it trails Canaan’s 200%+ surge in Bitcoin‑related sales, indicating Canaan is capturing a larger share of the “hash‑rate‑as‑a‑service” niche.
  
• NVIDIA – NVIDIA’s mining exposure is indirect, coming from its AI‑GPU sales (RTX 30/40 series) that power “Lite‑Hash” rigs. Q2 2025 GPU shipments to miners rose ~15% YoY, translating to an estimated US$120‑130 M in mining‑related revenue—still higher in absolute terms but far more volatile because demand is tied to the broader AI‑GPU cycle rather than dedicated ASIC supply.
  

Trading implications

Canaan’s outsized revenue acceleration and expanding treasury position it to out‑mine Bitmain and MicroBT in the near term, especially if Bitcoin’s price stays above $30k and the network’s difficulty curve rewards high‑efficiency ASICs. The market is pricing in a “Canaan premium” (≈10‑12% upside vs. peers) that remains under‑exploited; a pull‑back to the $12‑13 range (current 2‑month low) could offer a risk‑reward‑sweet entry for traders seeking exposure to the ASIC segment without the higher valuation multiples of NVIDIA.

Actionable take‑away:

- Long‑side on Canaan if you can enter on a dip below $13, targeting a 20‑30% upside as hash‑rate allocations rise and the treasury is monetized.

- Short‑side Bitmain and MicroBT if they fail to close the gap in treasury growth; their flatter revenue trajectories suggest limited upside in a bullish Bitcoin environment.

- Monitor NVIDIA’s GPU inventory and AI‑demand data—any slowdown in AI‑driven GPU sales could bleed mining‑related demand, indirectly capping the upside for all ASIC makers.