|Bid||25.30 x 900|
|Ask||25.54 x 800|
|Day's Range||20.42 - 23.86|
|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|
Amplify Transformational Data Sharing ETF (BLOK) topped the list of the best-performing ETFs in February with impressive returns of about 31.8%.
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.