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Mining Machine Maker Canaan Rises 20% as Bitcoin Reaches a New All-Time High
Canaan shares have gained 230% so far in February.
Por Zack Voell
Nasdaq-listed cryptocurrency mining machine maker Canaan Creative (CAN) has rocketed 27% Tuesday morning as bitcoin hit a new all-time high.
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- Canaan is currently trading at $16.55, up from its Friday close of $13.04, according to TradingView.
- The company has gained nearly 250% month-to-date outpacing the rise in the cryptocurrency its machines mine. Bitcoin has gained over 65% so far in 2021 after setting new record highs above $50,000 Tuesday.
- Higher prices for bitcoin means increased demand for mining machines and a bigger premium for those machines.
- Shares of Canaan first closed above the company's November 2019 listing price on Friday of around $12 before the U.S. holiday weekend.
- CEO Nangeng Zhang recently said the company "can now forecast our revenue much more precisely" after shifting its client base in late 2020 "to mostly publicly traded companies and bitcoin-focused investment funds which tend to place sizable orders with longer-term commitment."
- Previously, the company mostly sold mining machines to individual operators "who may not have longer-term planning," Zhang said.
- The Hangzhou, China-based company has a market value of $1.7 billion, per TradingView.
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