On November 21, the Chinese mining rig manufacturer Canaan Inc. launched its initial public offering (IPO) sale of $90 million worth of U.S. shares. Canaan shares initially sold for $8.99, but plummeted over 48% on December 16 to $4.65 per share. Since then, Canaan has launched a series of five new mining rig batches that process between 48 terahash per second (TH/s) to 68TH/s for January and February delivery periods. Canaan stock sold on the Nasdaq Global Market has also managed to jump back 39% since the significant plunge in mid-December.
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Canaan’s IPO Shares Lost 48% But Have Regained Much of the Losses in 2020
Months ago, three giant mining rig firms from China, Bitmain, Canaan, and Ebang, failed to IPO on the primary stock exchange in Hong Kong. Then Canaan surprised everyone when the mining rig manufacturer filed for its initial public stock offering in October with the U.S. Securities and Exchange Commission (SEC). Following the IPO filing by Canaan, rumors have been circulating that both Ebang and Bitmain are filing for IPO status in the U.S. as well. Canaan’s stock is called CAN (NASDAQ: CAN) and the shares were added to Nasdaq on November 21 with a standard opening ceremony. During the first day of trading, CAN lost a few pennies per share, but then dropped 7.68% on November 23rd’s trading sessions. By mid-December Canaan’s public shares were down 48% before regaining some ground.
Canaan’s shares jumped from an all-time low of $4.65 on December 16 to rise 11% the very next day. However, after another day of trading on Nasdaq, CAN dropped even lower to $4.63 a share. Canaan’s stock has been seemingly following BTC’s market
