8 Best Crypto Penny Stocks to Buy Now

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6. Canaan Inc. (NASDAQ:CAN)

On June 24, 2026, Canaan Inc. (NASDAQ:CAN) announced that chairman and CEO Nangeng Zhang and CFO Jin “James” Cheng recently purchased additional shares of the company’s stock in the open market. The purchases complied with Canaan’s internal trading policies and applicable securities regulations. Zhang and Cheng together acquired 1,065,000 American Depositary Shares at an average price of 35c per ADS.

On June 11, Canaan released its unaudited bitcoin mining update for the month ending May 31. The company reported cryptocurrency holdings of 1,867 BTC and 3,952 ETH, with non-JV installed hashrate of 10.05 EH/s. Zhang said mining operations delivered “solid results” in May, with self-mining operations producing 90 BTC and another 24 BTC coming from customer payments.

Canaan ended the month with 10.05 EH/s of installed hashrate and 6.47 EH/s of operating hashrate. Its North American self-mining fleet achieved an average efficiency of 17.9 J/TH, representing its best regional fleet performance to date and an ~11% YoY growth, while global average mining efficiency was 23.7 J/TH, a 13.5% improvement YoY. Joint venture operations generated approximately 45 BTC during May, nearly matching April’s production despite wildfire-related disruptions at the Alborz site.

Canaan Inc. (NASDAQ:CAN) engages in the research and development, design, and sale of integrated circuits, bitcoin mining equipment, and related components.

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.

Click to continue reading and see the 5 Best Crypto Penny Stocks to Buy Now.

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