{"id":25399,"date":"2025-05-06T14:16:51","date_gmt":"2025-05-06T14:16:51","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=25399"},"modified":"2025-05-06T14:16:51","modified_gmt":"2025-05-06T14:16:51","slug":"bitcoin-mining-rig-maker-canaan-could-have-5x-upside-says-wall-street-analyst","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=25399","title":{"rendered":"Bitcoin Mining Rig Maker Canaan Could Have 5X Upside, Says Wall Street Analyst"},"content":{"rendered":"<div>\n<p>Singapore-based developer of bitcoin mining ASIC chips and rigs Canaan (CAN) has had a rough run, but could be a five-bagger, suggests Benchmark analyst Mark Palmer.<\/p>\n<p>Palmer on Tuesday initiated coverage of the ADRs with a buy rating and a $3 price target. The shares closed yesterday at $0.62, lower by 72% year-to-date.<\/p>\n<p>Canaan&#8217;s dual strategy is focused on the development of ASIC bitcoin chips and rigs, and the expansion of its self-mining operations, especially in the United States,  said Palmer.<\/p>\n<p>&#8220;CAN\u2019s vertically integrated approach differentiates it within the bitcoin mining space while positioning it to capitalize on both chip\/rig sales and proprietary mining revenues,&#8221; he wrote.<\/p>\n<p>Canaan&#8217;s push into home mining rigs has diversified the company&#8217;s revenue, he further noted.<\/p>\n<p>The equipment maker is also growing its self-mining capacity in the U.S. and globally. <\/p>\n<p>&#8220;While the company derived just 16.3% of its 2024 revenues from its self-mining operations, it intends to increase the total computer power driving its self-mining operations by mid-2025 to 10 EH\/s in North America and 15 EH\/s globally,&#8221; Palmer added.<\/p>\n<p>Canaan has a stack of 1,408 bitcoin with a current value of around $133 million, or nearly 70% of its current market cap, said Palmer. That should be supportive of the company&#8217;s valuation.<\/p>\n<p><strong><em>Read more: <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/05\/01\/bitcoin-miners-with-hpc-exposure-underperformed-btc-for-third-straight-month-jpmorgan\"><span style=\"text-decoration:underline\">Bitcoin Miners With HPC Exposure Underperformed BTC for Third Straight Month: JPMorgan<\/span><\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Singapore-based developer of bitcoin mining ASIC chips and rigs Canaan (CAN) has had a rough run, but could be a five-bagger, suggests Benchmark analyst Mark Palmer. Palmer on Tuesday initiated coverage of the ADRs with a buy rating and a $3 price target. The shares closed yesterday at $0.62, lower by 72% year-to-date. Canaan&#8217;s dual [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-25399","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/25399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25399"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/25399\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}