Canaan Shares Dipped Only 2% in Q3 in Fourth Straight Quarterly Drop
The Nasdaq-listed mining manufacturer dropped 2% in Q3.
Sep 30, 2020 at 8:33 p.m. UTCUpdated Mar 2, 2023 at 8:24 p.m. UTC
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Shares of Canaan Creative, one of the few publicly traded cryptocurrency mining equipment manufacturers, closed the July period down only 2%, a negligible decline given they ended the preceding three quarters down double digits.
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- While the company's shares have never ended a quarter on a positive noted since their Nasdaq listing in November 2019, they recently showed signs of stabilizing.
- Since June, every trading session has closed in a tight one-dollar range between $1.75 and $2.75, according to data from TradingView. In November 2019, Canaan shares started trading around $12.60.
- After closing Q2 with a 38% drop in share price, the Hangzhou, China-based company posted a 160% quarter-over-quarter revenue increase, as CoinDesk previously reported.
- Still, Canaan’s lack of share price appreciation and continued operating losses reflect the fierce competition faced from MicroBT and Bitmain, said Ethan Vera, co-founder of Seattle, Wash.-based mining company Luxor Technology, in a private message with CoinDesk.
- Vera called the company’s latest ASIC miner a “step in the right direction” but noted the technology needs continued improvement “if they want to see any gains in market share.”
- And share price.
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