24/7 Market News Snapshot 11 November, 2024 – Canaan Inc. American Depositary Shares (NASDAQ:CAN)

November 11, 2024

DENVER, Colo., 11 November, 2024 (247marketnews.com) – (NASDAQ:CAN) are discussed in this article.
Canaan Inc. has recently captured market attention, experiencing a notable surge in its stock price, which opened at $1.338 and climbed to $1.516, reflecting an impressive increase of over 20.32%. This rally follows a previous close of $1.260 and has drawn significant investor interest, with a trading volume of 3.75 million shares today. Analysts speculate that this upward movement may indicate a bullish trend for Canaan, suggesting a growing momentum for its innovative technological offerings within the blockchain sector.

In a strategic alignment, Canaan has announced a significant expansion in its North American operations through a pivotal purchase agreement with long-standing partner HIVE Digital Technologies Ltd. This partnership will see Canaan’s subsidiary, Canaan Creative Global Pte. Ltd., supply 6,500 Avalon A1566 miners known for their reliability and efficiency in the bitcoin mining arena. The initial delivery of 500 miners has already commenced, with subsequent shipments planned for monthly distribution through March 2025.

Nangeng Zhang, Chairman and CEO of Canaan, expressed appreciation for HIVE’s trust, highlighting their shared commitment to innovation and sustainable practices. He emphasized HIVE’s exemplary status as a leading player, particularly in achieving high bitcoin production metrics relative to active hashrate. This collaboration underscores Canaan’s dedication to transparency and adherence to environmental, social, and governance (ESG) principles alongside its partners.

As an established name in ASIC technology, Canaan’s Avalon series has continuously set industry standards. This recent development not only reinforces Canaan’s position as a key player in the blockchain and bitcoin mining sectors but also sets the stage for future innovations and collaborations aimed at meeting the evolving demands of the digital asset landscape.

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