Mining Giant’s Major Order Fails to Prevent Stock Plunge

Canaan delivered a shock to financial markets on Friday as its shares plummeted to $1.31, despite announcing what represents the company’s largest single order in three years. The cryptocurrency mining equipment manufacturer revealed a massive purchase exceeding 50,000 mining machines alongside a new strategic partnership with Soluna Holdings, creating a puzzling disconnect between operational achievements and weak market performance.

The company announced on October 2nd that it had secured a landmark agreement with a United States-based client for more than 50,000 Avalon A15 Pro Miner units scheduled for delivery in the fourth quarter of 2025. In a parallel development, Canaan established a 20-megawatt collaborative venture with Soluna Holdings centered around a wind-powered computing facility in Texas, with operations expected to commence in the first... Read more...