Canaan Inc. recently released its unaudited bitcoin mining update for July 2025, highlighting a quarter-over-quarter improvement in performance. The company produced 89 bitcoins in July, driven by stronger bitcoin prices and lower average power costs. As part of its new Cryptocurrency Holding Policy, Canaan has retained these bitcoins as long-term reserve assets, bringing total holdings to 1,511 bitcoins by the end of the month. Despite facing challenges such as weather-related disruptions and planned operational changes, Canaan managed to stabilize mining uptime. The company exited Kazakhstan and terminated a hosting agreement with an underperforming site in South Texas, which led to a decline in deployed and operating hashrates. However, efforts are underway to relocate offline miners, with half expected to come back online in August. In addition to mining updates, Canaan announced its fourth purchase agreement with Cipher Mining, reflecting continued customer confidence in their Avalon A15Pro miners. The company also completed the conversion and sale of all previously disclosed Series A-1 Preferred Shares, following a US$100 million financing round. Through its Cryptocurrency Holding Policy, Canaan has reinforced its strategic commitment to Bitcoin, using it as the primary long-term reserve asset.