CAN - Canaan shares rebound after Bitcoin hits new record

Cryptocurrency mining machine maker Canaan (CAN) is trading up nearly 12%, paring some of yesterday's losses that followed the fourth quarter earnings report.Earlier today, Bitcoin hit an all-time record, passing above $63K for the first time as Coinbase prepares for its initial public offering.Supply chain disruptions pushed Canaan revenue lower in Q4 to RMB38.2 million. Full-year revenue totaled RMB447.7 million. But the increasing price in Bitcoin led to a Q1 revenue forecast of at least RMB400 million, nearly as much as 2020 sales in one quarter.

For further details see:

Canaan shares rebound after Bitcoin hits new record