Analysts Back Canaan Inc. (CAN) Amid BTC Expansion and New Facilities

Canaan Inc. (NASDAQ:CAN) is among the Best Get Rich Fast Stocks to Buy Right Now. As of December 24, Canaan Inc. (NASDAQ:CAN) has a consensus ‘Buy’ or equivalent rating from 86% of the analysts covering the stock. With the median one-year price target of $3, the stock has an upside potential of 281.19%.

On December 8, BTIG initiated coverage on Canaan Inc. (NASDAQ:CAN) with a ‘Buy’ rating and a price target of $3, according to TheFly. This translates to an upside potential of over 280%. Since 2013, the company has produced ASIC mining rigs and now markets its highly efficient A16 model, while also operating a self-mining fleet across eight global data centers and owning approximately 1,600 BTC, the analyst noted.

Through its vertically integrated strategy, Canaan Inc. (NASDAQ:CAN) remains focused on BTC self-mining expansion, wider rig-manufacturing market share, and power-infrastructure access, BTIG concluded. The company has a dual business model that not only offers mining equipment to third-party operators but also operates its own mining fleet.

In the third quarter of 2025, Canaan Inc. (NASDAQ:CAN) expanded its position in manufacturing by establishing a Bitcoin rig production facility in California, thus enhancing its production capabilities beyond its initial markets. Although the company also holds 4,000 Ethereum, its near-term strategy primarily involves expanding Bitcoin self-mining capacity and growing its share in rig manufacturing.

Canaan Inc. (NASDAQ:CAN) is a Singapore-based company that engages in bitcoin mining machine sales, self-mining operations, and consumer mining products. Incorporated in 2013, the company also assembles and distributes mining equipment and spare parts.

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 this cheapest AI stock.

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