Bitcoin-Linked Canaan Stock Is Tumbling Thursday: What's Going On?

Benzinga04-18

Loading...Loading...Canaan Inc CAN shares are falling Thursday after the company filed for a mixed securities shelf offering.What Happened: Late Wednesday, Canaan filed a prospectus related to a mixed...

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The securities available may include common stock, ordinary shares represented by American depositary shares, preferred stock, debt securities, warrants, and subscription rights or units.Canaan last reported quarterly results in late February. The company said it had $96 million in cash as of the end of 2023. Canaan is not due to report earnings again until the end of May. Analysts currently expect the company to report a loss of 36 cents per share and revenue of $30.23 million.Canaan focuses on ASIC high-performance computing chip design, chip research and development, computing equipment production and software services. The company also generates revenue from mining crypto, specifically bitcoin.See Also: Jim Cramer Says Just Go Buy Ethereum Or Bitcoin Instead Of Marathon Digital: ‘Let’s Not Fool Around’How To Buy CAN StockBesides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. For example, in Canaan's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.CAN Price Action: Canaan shares were down 18.9% at 91 cents at the time of publication, according to Benzinga Pro.Photo: Laura from Pixabay.Loading...Loading...Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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