Will Canaan Inc. (CAN) Stock Price Soar on the Coattails of Bitcoin?


Canaan Inc. (CAN) stock prices sat at USD$14.61 at market close on April 13th 2021, having seen a promising upswing of 11.19%. CAN stock holders likely breathed a sigh of relief after seeing CAN share prices fall by 29.6% from USD$18.67 on April 9th 2021 to USD$13.14 by market close on April 12th 2021.

25-cent Stock Takes $11T Commodities Sector Digital

One brilliantly-run technology firm has successfully partnered with some of the largest players in the industry to bring a first-of-its-kind digital solution to the global commodities supply chain sector. Best of all, this upstart technology firm is currently trading undiscovered — below 25-cents per share — so very, very few investors know about it yet! For investors… it's an early-stage opportunity in a company that's bringing the US$11T global commodities sector straight into the 21st century.

All the details are in the FREE online report you can get here.


Release of Financial Reports

The downswing over the weekend came hot on the heels of the release of CAN’s unaudited financial report, with the pre-market press release having been issued on April 12th 2021. Q4 of 2020 saw USD$5.9 million in revenue being generated, with a yearly 2020 revenue of USD$68.6 million. The Q4 2020 numbers were down by a staggering 93% compared to the same fiscal quarter of the previous year.

What does CAN do?

Based in China, CAN develops and manufactures Bitcoin mining machines, claiming that their superior supercomputing solutions are more cost-effective and offer better performance than those of competitors. Canaan claims to have pioneered the first ASIC-powered Bitcoin mining technology as far back as 2013, in which case it would have helped initially advance the growth of the Bitcoin mining sector that has taken the world by storm since.

Tied at the Hip with Bitcoin?

The company reports that it is currently the second largest producer of Bitcoin mining machines in the world. It follows that CAN stock prices have a tendency to fluctuate with the price of Bitcoin. While CAN stocks could be a promising supplement to investments in Bitcoin, that is not the only value they have.

What does the Future Look Like for CAN?

With the less-than-stellar numbers reported for 2020, 2021 looks more promising with CAN having received orders for 100,000 of their Bitcoin mining products. This translates directly into a much more encouraging revenue outlook for invested parties, seeing how CAN will be running at capacity for the remainder of the year to meet its orders. Despite the inherent volatility, CAN expects a Q1 2021 revenue of over USD$61 million, which is more than their entire earnings for 2020.


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