5 Best Ethereum Stocks to Buy Now

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1. Canaan Inc. (NASDAQ:CAN)

Stock Upside: 279.79%

Number of Hedge Fund Holders: 7

Canaan Inc. (NASDAQ:CAN) is one of the best Ethereum stocks to buy now. On April 15, Canaan Inc. (NASDAQ:CAN) released its unaudited Bitcoin mining update for March 2026, in which it reported that it mined 89 BTC, bringing the total BTC holding to 1,808 coins, and that the Ethereum holding during the month totaled 3,952 ETH. The company also updated that it expanded its North American power capacity by over 10 megawatts.

Canaan held 1,750 BTC and 3,951 ETH at year-end 2025. This grew to 1,793 BTC after February’s production of 86 BTC, and added another 15 BTC net in March to reach the new record.

On the infrastructure side, Canaan’s global installed power capacity reached 266.3 MW for non-joint venture operations. The company said this was supplemented by an additional 120 MW from the joint ventures in West Texas, which consist of assets acquired from Cipher Mining Inc. (NASDAQ:CIFR) in February 2026 for approximately $39.75 million.

Those West Texas joint ventures, collectively called the ABC Projects, contribute approximately 4.4 EH/s of operational hashrate to Canaan’s network. When combined with the company’s non-JV operations, the total deployed hashrate stood at 10.97 EH/s at month-end. The operating hashrate for non-JV facilities reached 6.89 EH/s.

Canaan now operates 13 active mining projects globally, with 11.29 EH/s of energized computing power and 15.37 EH/s of installed computing power.

Canaan Inc. (NASDAQ:CAN) is a technology company that designs and manufactures ASIC chips and mining equipment used in blockchain networks. Its core business is tied to Bitcoin mining hardware, but the company also holds Ethereum on its balance sheet and acquires ETH as part of its broader cryptocurrency operations.

While we acknowledge the potential of CAN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CAN and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 10 Best Defense Stocks That Will Skyrocket and Top 10 Utility Stocks to Buy Now.

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