After steadily depreciating properly into the final quarter of 2019, Canaan definitely rebounded barely right this moment. 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 a number of weeks.
Competitors with Bitmain Helped Shares Surge?
Some wholesome competitors might have helped the bitcoin miner to regain some traction available in the market. Canaan got here out forward of Bitmain, one other main China-based bitcoin miner, to turn out to be the primary firm traded in a US inventory market. Sadly, this launched Canaan to america with an IPO valued at under 75% of what was anticipated.
The mining big’s inventory took a beating from its unique worth $13 on the day of the launch to drop to $5.25 in mid-December. As of closing right this moment, 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 dealing with stiff competitors from Bitmain and racing to develop know-how to remain on high. Most just lately, the corporate unveiled 5-nanometer chips to enhance energy and efficiency.