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.
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