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.