Canaan Shares Dipped Only 2% in Q3 in Fourth Straight Quarterly Drop

The Nasdaq-listed mining manufacturer dropped 2% in Q3.

By Zack Voell

Sep 30, 2020 at 8:33 p.m. UTC

Updated Mar 6, 2023 at 3:40 p.m. UTC

canaan-quarter — Quarterly returns for shares of Canaan Creative since Q4 2019

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Zack Voell

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

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.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Zack Voell

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Zack Voell