Canaan’s Post-IPO Stock Plunge Reveals Sales Slump, Price War With Bitmain
Cryptocurrency mining computer-maker Canaan Inc. may have picked the worst time for its initial public stock offering.
Sources speaking to Chinese media said a dispute at Canaan Creative has led to a power grab by now-Executive Director Nangeng Zhang.
Shares of Canaan Creative, one of the few publicly traded crypto miner manufacturers, fell below $2 Monday, their lowest after going public last year.
The board of directors of bitcoin mining manufacturer Canaan approved a buyback program Monday for its lagging shares.
The China-based manufacturer had cut the pricing for its bitcoin miners by half during the first three months.
The shortage of new mining machines caused by the coronavirus outbreak could curb computing power growth from Chinese miners who contribute over 65% of Bitcoin’s hash power.