You can get this item from placing a canteen in a fridge, then waiting 60 seconds. Afterwards, you will get an iced canteen.

If you drink it, you will get a buff that gives you 84 hyperthermic insulation and makes you lose 84 hypothermic insulation for 15 minutes (protects you against heat but negatively impacts you in the cold, for example if you drink this in normal weather you'll get the "freezing" popup even though you're not somewhere cold)

After 10 minutes, it "spoils" into a regular filled canteen.

On old ark mobile, there's a bug where it just spoils into an empty canteen like a leaking waterskin.

Also, if you stand in a stream of water and spam the iced canteen, the buff will stack.