|Bid||18.38 x 800|
|Ask||18.44 x 3200|
|Day's Range||18.15 - 20.08|
|52 Week Range||1.76 - 25.78|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 30, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Canaan Creative (NYSE:CAN) stock surged in trading for the second time this week as the extended rally in cryptocurrencies continued to boost associated stocks. CAN stock is particularly well-positioned to benefit as a maker of Bitcoin (CCC:BTC) mining machines, presently scarce and in high demand. Source: Shutterstock Last week, Canaan announced “improved revenue visibility” for 2021 after receiving orders for 100,000 mining machines in North America, many of which were prepaid. Chairman and CEO Nangeng Zhang attributed the gains to a shift in customer base, with CAN selling more units via bulk orders to publicly traded companies and cryptocurrency investment funds. Canaan Creative is just the latest beneficiary of the recent rush into cryptocurrencies, which has seen Bitcoin surge past $50,000 per coin and many large companies moving into the space. This week also saw the debut of the first North American Bitcoin ETF. However, much of that investment excitement has overlooked the Chinese cryptocurrency space, making CAN stock somewhat of an anomaly among its geographic peers.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Founded in 2013, Canaan released the first ASIC-powered Bitcoin mining machine and is currently the world’s second-largest designer and manufacturer of BTC mining machines. CAN stock has consistently gained in trading this week, but Friday’s bull rally was sharper; the stock closed last week at just over $13 per share, before growing to $17.30 by the market close on Thursday; Canaan stock closed Friday trading for $24.79, up 43.05% for the day. On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next Potential Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. #1 Play to Profit from Biden's Presidency The post CAN Stock: Why Crypto Plan Canaan Is Rocketing Higher Today appeared first on InvestorPlace.
(Bloomberg) -- China’s blockchain stocks are missing out on the cryptocurrency mania that has pushed their global peers to record highs.A Bloomberg-curated basket of seven key Chinese A-share stocks with ties to the blockchain technology underpinning cryptocurrencies -- including Shenzhen Forms Syntron Information Co., Shenzhen Ysstech Info-Tech Co. and Brilliance Technology Co. -- has fallen about 16% so far this year, according to data compiled by Bloomberg. That compares with a 36% rise in an Elwood Asset Management index tracking global blockchain-linked shares.“Not every company will stand out in the blockchain sector,” said Reo Liao, a market analyst with IG Australia. “The recent surge in Bitcoin price may suggest that digital currency and digital-asset trading platform concepts will be the ones that attract all investors. That’s why we see all related stocks climb these days.”Global crypto stocks have surged as Bitcoin more than quadrupled in value over the past year, with the Elwood index tracking blockchain-linked shares hitting an all-time high this month. But after successive crackdowns on the industry, including a ban on transactions between fiat and cryptocurrencies in 2017, China lacks a cohort of local stocks tied to digital coin exchanges and trading platforms.Even domestic firms which have worked with Chinese regulators, such as Huobi Group, are listed in Hong Kong, while some of the biggest China-based miners have chosen a U.S.-listing. Canaan Inc. has more than doubled over the last 12 months, and Ebang International Holdings Inc. has jumped over 30% since its mid-2020 listing.The Crypto Mogul Who’s Got the Ear of China’s Central BankChinese firms like Syntron and Ysstech are working elsewhere in the crypto field, developing blockchain technology for various business applications, Liao said. Others work in security tools and banking machines.“These companies have lots of diversification in other areas,” he said. The stocks that have rallied “have high focus on digital currencies. They are more sensitive to the Bitcoin price movement.”Asian BoomElsewhere in Asia, crypto stocks tied more closely to Bitcoin are booming. Monex Group Inc. in Japan and BC Technology Group Ltd. in Hong Kong have more than doubled in value in the past year, while Korea’s Woori Technology Investment Co. has surged more than 70%.The gains are even more massive in the U.S., where crypto miner Marathon Patent Group Inc. has surged more than 3,000% in the past 12 months.China’s cryptocurrency landscape is further complicated by the central bank’s development of the digital yuan at the same time as authorities restrict the wider industry, leaving investors following the government’s lead.“For the most part, retail investors in China follow the ‘supreme leader’ mode when it comes to out-of-the-norm investment structures,” said Stephen Innes, chief global market strategist with Axi.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Cryptocurrencies continue to be a red-hot with Wall Street in 2021, along with the occasional bout of less triumphant, stomach-churning volatility. But in a market also made up of stocks, three Nasdaq-listed crypto plays are offering investors risk-adjusted exposure that’s more secure both off and on the price chart. Let me explain. Both Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) have been roiled by policy makers’ rumblings. It’s been a couple weeks since Treasury Secretary Janet Yellen hinted strongly at the U.S. government’s interest in ‘curtailing’ the crypto market given the decentralized digital currencies’ ties to bad actors and their illicit wheeling and dealings. The warning sent digital currencies tumbling into bear markets. And don’t think for a second that regulatory risks will disappear. More important, the crypto market and its tethered blockchain technology are seeing explosive growth and acceptance as an incredibly important tool for business.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Already Bitcoin is nearing $1 trillion in valuation. Then there are Square (NYSE:SQ), JPMorgan Chase (NYSE:JPM) and PayPal (NASDAQ:PYPL). Those titans of finance are some of today’s early large cap adopters of the crypto market. Don’t bet against the house, right? They’re not alone either. 9 Meme Stocks That Social Media Won't Shut Up About Last week EV giant Tesla (NASDAQ:TSLA) announced a purchase of $1.5 billion in Bitcoin and plans to accept the market’s biggest digital currency for payment. At the same time Mastercard (NYSE:MA) and Bank of New York Mellon (NYSE:BK) announced they’ll begin allowing various financial transactions in select crypto coins. Digital Currency Plays Offering Smarter Strategies The writing appears to be on the wall. Even in the face of stricter future oversight, digital currencies promise to continue providing very lucrative investment opportunities. A word to the wise before jumping in is warranted. As we’ve witnessed throughout crypto’s re-emergence to all-time-highs, investors still need to be prepared for wild price action which can induce second-guessing, run-for-the-exits sell orders at the expense of one’s trading account. But is there another way to participate with more defined exposure? Today, let’s examine three behind-the-scenes crypto stocks within this burgeoning market. Instead of just being wise to the challenges and potential failures ahead, these Nasdaq-listed digital currency plays are offering smarter money strategies which won’t extend or put the wallet at unnecessary and outsized risk. Bit Digital (NASDAQ:BTBT) Riot Blockchain (NASDAQ:RIOT) Canaan (NASDAQ:CAN) Crypto Stocks to Buy: Bit Digital (BTBT) Source: Charts by TradingView The first of our crypto stocks to buy are shares of Bit Digital. According to Yahoo Finance the company engages in Bitcoin mining and recently changed its name from Golden Bull to better reflect its business activities. Despite being a fairly new entrant into the space, New York-based BTBT is one of the largest Bitcoin mining companies listed on Nasdaq. To be fair, I’m always suspect of a company name change and business pivot of this kind. And being lured into a long stock position by year-over-year quarterly sales growth of around 64,000% isn’t a great idea. The fact is revenues for the latest period came in at $13 million compared to a valuation of nearly $850 million for this crypto. It’s steep. Bit Digital also remains in the red. Still, investors are buying in to the BTBT stock story in a big way and it looks worthy of calculated exposure. Technically, Bit Digital recently broke out of a massive corrective cup-shaped base to new all-time-highs to finish off 2020. To complement that bullish price action, in 2021 shares of this crypto have put together a well-supported test of the stock’s prior high. BTBT has pulled back near its 50% retracement level within a smaller corrective ‘V-shaped’ base. And coupled with a favorable bullish stochastics crossover, this crypto looks ready for buying into. Favored Strategy: May $25/$40 Bull Call Spread Riot Blockchain (RIOT) Source: Charts by TradingView Riot Blockchain is the next of our crypto stocks to buy. RIOT was one of the digital currency market’s more notorious listed stocks during the asset group’s 2017 – 2018 run-up and subsequent crash. And like BTBT, this diversified blockchain play seemingly came out of nowhere, pivoting and changing its corporate name. It was suspect to say the least. Today however, it’s time to let bygones be bygones. 8 Cheap Stocks Under $20 That Could Double Technically, this crypto stock has just taken out its own bubble high. Even a minor correction could cause RIOT stock investors to blink or more aptly, barf, given the stock’s underlying volatility. As much, playing for continued momentum while maintaining ironclad downside risk is the way to position. Favored Strategy: March $55/$65 Bull Call Spread Canaan (CAN) Source: Charts by TradingView Canaan is the last of our crypto stocks to buy. China-based CAN is the picks-and-shovels play of today’s stocks. The outfit manufacturers equipment used to mine Bitcoin. Canaan is also involved in the development of blockchain technology and, teasingly, the booming artificial intelligence and data center markets. Technically, CAN is gunning for a breakout to all-time-highs as shares muscle their way toward the high of a pattern lifetime cup-shaped base. With the stock jumping past the 76% retracement level and weekly stochastics signaling a bullish crossover in neutral territory, a bit of strategic exposure to this crypto looks ripe today. What could possibly go wrong? Let’s not find out. At the same time, investors might consider using CAN’s less desirable price volatility to their advantage by hedging a purchase of this crypto stock with a defined risk and highly flexible collar strategy. Favored Strategy: April $10/$20 Collar On the date of publication, Chris Tyler holds, directly or indirectly, positions in listed Bitcoin and Ethereum stocks (GBTC, ETHE and ETCG), but no other securities mentioned in this article. Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. The information offered is based on his professional experience but strictly intended for educational purposes only. Any use of this information is 100% the responsibility of the individual. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next Potential Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. #1 Play to Profit from Biden's Presidency The post 3 Crypto Stocks and How to Play Them Right Now appeared first on InvestorPlace.