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EBON - Canaan Inc. Second Quarter Results Could Surprise Us To The Upside
Ebang International Holdings Inc.
Investment Thesis
Canaan Inc. (CAN) is the world's second largest bitcoin mining machine manufacturer by computing power according to independent market research firm Frost & Sullivan. Unlike other bitcoin-related high-flying stocks like Riot Blockchain (RIOT), which is up over 260% year-to-date, and Marathon Patent Group (MARA), which is up over 400%, CAN has declined by over 60% year-to-date. The decoupling started in the middle of May 2020 primarily due to the expiration of its IPO lockup period and a negative online report. CAN's price has not recovered since.