Canaan Opens Above $15 After 20% Premarket Surge, New Bitcoin Price Record

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Canaan shares have gained 230% so far in February. Canaan mining machine Feb 16, 2021 at 2:36 p.m.UTC Canaan Opens Above $15 After 20% Premarket Surge, New Bitcoin Price Record Nasdaq-listed cryptocurrency mining machine maker Canaan Creative (CAN) has rocketed past its initial listing price near $12 to over $15, after rising 20% in US…

Canaan shares have gained 230% so far in February.
Canaan mining machine
Feb 16, 2021 at 2:36 p.m.UTC Canaan Opens Above $15 After 20% Premarket Surge, New Bitcoin Price Record
Nasdaq-listed cryptocurrency mining machine maker Canaan Creative (CAN) has rocketed past its initial listing price near $12 to over $15, after rising 20% in US premarket trading, according to data from TradingView.To date this month, the company has gained over 230%.Bitcoin has gained over 65% so far in 2021 after setting new record highs above $50,000 Tuesday.Shares of Canaan first closed above the company’s November 2019 listing price on Friday before the U.S.holiday weekend.What catalyzed the recent gains is uncertain, as other publicly traded mining companies are also keeping pace with bitcoin’s gains.

However, 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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