Canaan Inc. experienced a 7% drop in its stock price, falling to $0.56, despite reporting a record fourth-quarter revenue increase of 121.1% to $196.3 million. This price decline places the company at risk of being delisted from Nasdaq if its stock does not reach at least $1 for 30 consecutive trading days by July. The impressive revenue growth was primarily driven by strong demand for Canaan’s latest Avalon mining rigs as the Bitcoin network expands. Additionally, Canaan holds approximately 1,750 Bitcoin, valued at $120 million, as part of its corporate Bitcoin reserve strategy.
Canaan Inc. shares fall 7% amid Nasdaq delisting risk despite record Q4 earnings
