Bitcoin Mining Giant Canaan Ends Trading Day One Flat

Bitcoin Mining Giant Canaan Ends Trading Day One Flat
фото показано с : newsbtc.com

2019-11-22 07:00

The long awaited IPO from Chinese Bitcoin mining hardware manufacturer Canaan Inc kicked off yesterday. The $90 million public offering was a little underwhelming considering previous valuations and the firm ended its first day trading flat.

Bitcoin Mining Shares Back at $9

This week Chinese mining giant Canaan Inc. completed its initial public offering in the US for $90 million. The figure sounds impressive for the first time a Chinese company based on Bitcoin has been listed, however it is way less than the original valuation of $400 million in October.

Bloomberg reported that the mining hardware manufacturer sold 10 million American Depository Shares (ADS) for $9 apiece on Wednesday. An ADS is a USD denominated equity share of a foreign-based company available for purchase on an American stock exchange.

According to the official announcement last week, the Hangzhou based firm planned to raise $100 million by offering 10 million shares which were offered between $9 and $11 according to filings with the SEC.

Canaan also lost its lead underwriter, Credit Suisse Group, before the IPO was launched leaving Citi, China Renaissance, and CMB International Capital to run the books.

Three Arrows Capital CEO Su Zhu reported that the shares actually opened at $13 but fell back to $9 by the end of trading.

Canaan IPO has begun trading

IPO price was $9, it opened at $13 and has traded down to $9.5

Worth watching pic.twitter.com/xKn2c2GwgU

— Su Zhu (@zhusu) November 21, 2019

Bloomberg added that the stock ended the day flat at a penny under, trading at $8.99. It added that there was a spike of around 44% which would have pumped prices to $13 initially. There was also a dip with the intraday low hitting $8.21 according to the Nasdaq. Friday’s trading will be interesting to watch, especially considering what is happening to Bitcoin prices at the moment.

Bearish Crypto Sentiment

The lackluster first day’s trading could be a signal of fading interest in Bitcoin in general. So far this week the digital asset has dumped 11% as crypto markets shed billions.

The bears are back in play and general sentiment has entered the red zone with analysts now eyeing a short term bottom of around $6,000.

Even twitter engagement has fallen off as the number of Bitcoin related tweets hits a two year low. There has also been a lot of talk of miner capitulation so the timing of Canaan’s listing could not have been worse.

At the time of writing BTC had collapsed to $7,650 marking a loss of 4.5% on the day. Total market capitalization has shrunk by over $10 billion in 24 hours and is plunging towards the psychological $200 billion barrier. A fall through this could see a return to crypto winter levels at the end of last year as all this year’s gains get wiped out.

It will be interesting to follow Friday trading for CAN which is likely also to mimic crypto sentiment and turn south, below its opening price.

Image from Shutterstock

The post Bitcoin Mining Giant Canaan Ends Trading Day One Flat appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining canaan bitcoin flat day giant trading

mining canaan → Результатов: 107


Canaan expands crypto mining operations in Kazakhstan

Canaan, which is a leading Bitcoin mining hardware company, announced its strategic collaboration with crypto mining firms in Kazakhstan to bolster the joint mining business in the region.   Canaan enters into strategic alliances with Kazakh crypto mining firms Canaan on Tuesday announced that it had successfully deployed 10,300 AvalonMiner units in Kazakhstan.

2022-1-6 04:00


GSR Introduces Derivative Products For Cryptocurrency Mining Companies To Hedge Risks

The cryptocurrency mining industry could soon start to hedge risks by using derivative products. GSR, a global leader in digital asset trading announced in a press release on December 20, that they are partnering with the crypto mining giant Canaan to bring professional risk management and execution services to Canaan’s mining network. GSR and Canaan […]

2019-12-20 20:04


Майнинговый гигант Canaan привлек $90 млн на IPO и стал первопроходцем

Китайская майнинговая компания Canaan Creative привлекла $90 млн в ходе первичного размещения акций в США. Фирма стала первопроходцем среди производителей майнеров. Canaan, a maker of Bitcoin mining machines, raised $90 million after pricing its U.

2019-11-21 13:29


Фото:

Bitcoin Mining Giant Bitmain Files for U.S. IPO, Chases Canaan Creative

Bitmain Technologies, the world’s leading manufacturer of Bitcoin mining equipment, has secretly filed for an initial public offering (IPO) with the U. S. Securities and Exchange Commission (SEC). Bitmain’s application comes just a few days after its primary competitor, Canaan Creative, made its IPO intentions known to the financial authority.

2019-10-30 16:00


Новый ASIC для Ethereum занял лидирующие позиции

На саммите New Era Mining в Китае Canaan представил новый ASIC для Ethereum, который более чем в 5 раз эффективнее других доступных графических процессоров. Для мелких майнеров это не сулит ничего хорошего, и потенциально повышает централизацию сети.

2019-9-26 15:15


Chinese Bitcoin Mining Firm Canaan Is Rumored To Have Filed For IPO In The US: IFRAsia Findings

A major Bitcoin (BTC) miner manufacturer from China called Canaan Creative is rumored to have just filed for an Initial Public Offering (IPO) in the United States. According to IFRAsia, some inside sources have claimed that the Chinese company wants to be listed on the U. S. and has the goal of acquiring $200 million […]

2019-7-31 22:17


Компания Northern Bitcoin купит 5000 майнеров у Bitmain и Canaan Creative

Немецкая компания Northern Bitcoin намерена удвоить свои вычислительные мощности и приобрести у крупнейших производителей майнеров Bitmain и Canaan Creative около пяти тысяч новых устройств. #NorthernBitcoin doubles its mining capacity from 57 PH/s to around 112 PH/s — Acquisition of 4,475 ASIC Miners — Further significant expansion steps ahead of completionhttps://t.co/ISHcqGirqT — Northern Bitcoin AG (@northernbtc) […]

2019-7-2 17:54


Фото:

Manufacturing Giants Bitmain and Canaan Announce Second-Generation Miners

On March 29, the two largest mining rig manufacturers, Canaan Creative and Bitmain Technologies, announced the sale of their next generation devices that process the SHA-256 algorithm. Both firms are gearing up to sell the new products this spring as a slew of mining operations have been prepping up new facilities in order to take […] The post Manufacturing Giants Bitmain and Canaan Announce Second-Generation Miners appeared first on Bitcoin News.

2019-3-30 19:20