Bitcoin Mining Asic developer and Singapore Canaan (CAN) platforms have had an approximate race, but it could be a five Bagger, the reference analyst Mark Palmer suggests.
Palmer began the coverage of the ADR on Tuesday with a purchase rating and an objective price of $ 3. The shares closed yesterday at $ 0.62, lower by 72% in the year to date.
Canaan’s dual strategy focuses on the development of ASIC Bitcoins chips and platforms, and the expansion of its auto mining operations, especially in the United States, said Palmer.
“The vertically integrated approach from Can differentiates it within Bitcoin’s mining space while positioning it to capitalize both chip/platform sales and owner mining income,” he wrote.
Canaan’s impulse to mining platforms at home has diversified the company’s income, he said.
The team manufacturer is also increasing its self -mining capacity in the United States already worldwide.
“While the company obtained only 16.3% of its income from 2024 of its mining operations, it intends to increase the total power of the computer that drives its self -information operations in the mid -2025 to 10 EH/s in North America and 15 EH/SA worldwide,” Palmer added.
Canaan has a 1,408 bitcoin battery with a current value of around $ 133 million, or almost 70% of its current market capitalization, Palmer said. That should support the valuation of the company.
Read more: Bitcoin miners with HPC exposure have a lower BTC yield for the third consecutive month: JPMorgan
