Bitcoin Miner Canaan’s Shares Valued at $8.04 After Surging 80%
After steadily depreciating nicely into the final quarter of 2019, Canaan definitely rebounded barely at present. The corporate was the primary instance of a giant Bitcoin miner to go public on Nasdaq. Nonetheless, after its preliminary public providing (IPO) on Nov 21, Canaan inventory worth values dropped almost 40% inside a number of weeks.
Competitors with Bitmain helped shares surge?
Some wholesome competitors could 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 change into the primary firm traded in a US inventory market. Sadly, this launched Canaan to the USA with an IPO valued at below 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 at present, 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 expertise to remain on prime. Most just lately, the corporate unveiled 5-nanometer chips to enhance energy and efficiency.