After steadily depreciating effectively into the final quarter of 2019, Canaan actually rebounded barely as we speak. The corporate was the primar
After steadily depreciating effectively into the final quarter of 2019, Canaan actually rebounded barely as we speak. The corporate was the primary instance of a big Bitcoin miner to go public on Nasdaq. Nevertheless, after its preliminary public providing (IPO) on Nov 21, Canaan stock price values dropped almost 40% inside just a few weeks.
Competitors with Bitmain Helped Shares Surge?
Some wholesome competitors might have helped the bitcoin miner to regain some traction out there. Canaan got here out forward of Bitmain, one other main China-based bitcoin miner, to turn into the primary firm traded in a US inventory market. Sadly, this launched Canaan to the USA with an IPO valued at under 75% of what was anticipated.
The mining big’s inventory took a beating from its authentic worth $13 on the day of the launch to drop to $5.25 in mid-December. As of closing as we speak, The Block reported Canaan’s shares are valued at $8.04, a surge of over 80% from its opening worth of $4.42.
Canaan has been going through stiff competitors from Bitmain and racing to develop expertise to remain on prime. Most lately, the corporate unveiled 5-nanometer chips to enhance energy and efficiency.