Canaan Inc (ADR) CAN

This Chinese computer hardware company builds servers to host blockchain-based applications and semiconductors optimised for Bitcoin mining.

Hope you bought in, back in Nov, excellent return.

I’m currently contemplating jumping on the CAN team today after staying away from the Bitcoin train. Would you see this stock rising for much longer?

If bitcoin price keeps increasing, the demand for mining will increase and they are the 2nd largest manufacturer and I have heard there is a currently a large demand for machines. I went in a $5 and have sold half my holdings at $26. Your call Frank.

This has bombed today!!

Think I read somewhere that the Chinese government were going to prevent Chinese companies from being involved with bitcoin.

https://www.fool.com/investing/2021/04/12/why-canaan-stock-crashed-

It made a Loss even though bitcoins price increased

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I think I’m going to hold and see if it improves. Just because when I sell everything usually goes up :joy:

It was a crazy crash yesterday but there’s been a lot written about why which all adds up to a bigger picture around the CAN price.

The first 3/4 of the financial year seemed pretty crappy for Canaan and that culminated in a pretty poor amend of year performance, the positives of which mostly came in Q4, so anyone expecting a bump from their results needed to look at the full 12 month picture.

On the flip side of that, the contracts that they have secured - combined with the continued uplift in BTC price- should point to CAN recovering well in the mid term as the Q4 performance that buoyed the CAN rise (until yesterday) will be more commonplace for the full financial year (if all goes to plan of course).

Just my opinion so take it for what you will. I’ll be holding onto my shares for a while longer :crossed_fingers::crossed_fingers:t5:

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Bit of recovery today. I only have few shares left, so will keep them for a while as I am still 70% up.

Anyone else seen this?

Cheers for that, interesting stuff

Terrible day for these so far. I might have to bail soon. I got on way too high and it’s just dived. Just my luck haha

I’d not throw the towel in quite yet Matt. The year end results were impacted by a shocking first 3 quarters but the business looked far stronger in Q4 and the H1 forecast (based on orders) is looking particularly strong, so there should be a recovery.

BTC took a drop sub $60k over the past few days as well which seems to impact the CAN shares as well.

Brighter days ahead (IMHO at least).

Crypto market crashes i wonder if it mining stock will go up :face_with_monocle:

Thanks for the advice. I’ve decided to stick with it and see how it goes :+1:t2:

Just topped up again.