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After steadily depreciating nicely into the final quarter of 2019, Canaan actually rebounded barely in the present day. The corporate was the primary instance of a giant Bitcoin miner to go public on Nasdaq. Nevertheless, after its preliminary public providing (IPO) on Nov 21, Canaan inventory value 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 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 US with an IPO valued at beneath 75% of what was anticipated.
The mining large’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 in the present day, The Block reported Canaan’s shares are valued at $8.04, a surge of over 80% from its opening value of $4.42.
Canaan has been dealing with stiff competitors from Bitmain and racing to develop know-how to remain on prime. Most not too long ago, the corporate unveiled 5-nanometer chips to enhance energy and efficiency.
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