Here’s Why Canaan (CAN) is Among the 8 Best Crypto Penny Stocks to Buy Now

Canaan Inc. (NASDAQ:CAN) is one of the 8 Best Crypto Penny Stocks to Buy Now.

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.

Here's Why Canaan (CAN) is Among the 8 Best Crypto Penny Stocks to Buy Now

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 risk and potential of CAN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CAN and that has 10,000% upside potential, check out our report about the cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1