Shares in Chinese mining company Canaan plummet 40% Shares in Chinese mining company Canaan have plummeted 40% on the Nasdaq exchange since listing last month, according to publicly available data. Over the last day, the drop was 7.5%.

Shares of Chinese mining company Canaan plummet 40%

Shares of Chinese mining company Canaan on the Nasdaq have plummeted 40% since listing last month, according to publicly available data. Over the last day, the drop was 7.5%.

Canaan Inc. raised $ 90 million in an IPO in November, selling 10 million American depository shares at $ 9 apiece. According to filings for the US Securities and Exchange Commission (SEC), the shares were offered at prices ranging from $ 9 to $ 11. They are currently priced at $ 5.71 on the Nasdaq..



Together with the price, trading volumes also fell - from $ 4 million in the first days to the current $ 200,000.

TokenInsight partner Jack Young believes that the decline may continue if the price of bitcoin does not begin to rise in the near future. The cryptocurrency is of key importance for the business of the Chinese company - 99% of its profits come from the mining industry and only about 1% from the field of artificial intelligence, says Bitcoinist.

According to Young, the activities of its closest competitors, Bitmain and WhatsMiner, may also have a negative impact on CAN shares. WhatsMiner recently announced the launch of a new device called the M30s, while Bitmain headed for South America expansion and unveiled a plan to grow its hardware sales..

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