Mining Giant Canaan Faces Stiff Competition After IPO Shares Slump

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….