Canaan Inc. reported third-quarter net income of $8.0 million, driven by a $51.9 million fair-value gain on its cryptocurrencies and derivatives. Revenue fell from $150.5 million to $14.5 million, mining-equipment sales plunged 96%, and operating loss reached $42.9 million. The company held 1,875.5 bitcoin as of Sept. 30 and plans to monetize some holdings to fund share repurchases, after launching a $20 million program under a $100 million authorization. Canaan is shifting toward power and computing infrastructure, with two Texas projects totaling 2 gigawatts, and forecasts fourth-quarter revenue of $18 million to $22 million.
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