{"id":237715,"date":"2025-05-12T08:23:10","date_gmt":"2025-05-12T08:23:10","guid":{"rendered":"https:\/\/peraltafinancing.com\/activist\/bitcoin-mining-rig-maker-canaan-could-have-5x-upside-says-wall-street-analyst\/"},"modified":"2025-05-12T08:23:10","modified_gmt":"2025-05-12T08:23:10","slug":"bitcoin-mining-rig-maker-canaan-could-have-5x-upside-says-wall-street-analyst","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=237715","title":{"rendered":"Bitcoin Mining Rig Maker Canaan Could Have 5X Upside, Says Wall Street Analyst"},"content":{"rendered":" \r\n<br><div>\n\n                                        \n\n\n<p><em>Benchmark\u2019s Mark Palmer initiated coverage on the firm\u2019s roughed-up shares with a buy rating and $3 price target.<\/em><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-what-to-know\">What to know:<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Benchmark\u2019s Mark Palmer initiated coverage of Canaan with a buy rating and a $3 price target.<\/li>\n\n\n\n<li>The bitcoin rig maker\u2019s shares don\u2019t reflect upside potential from the expansion of the company\u2019s self-mining operations, the report said.<\/li>\n\n\n\n<li>Canaan\u2019s stack of 1,408 bitcoin should also be supportive of its valuation, Palmer said.<\/li>\n<\/ul>\n\n\n\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\n\n\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><div class=\"g g-1\"><div class=\"g-single a-17\"><a class=\"gofollow\" data-track=\"MTcsMSwxLDYw\" href=\"https:\/\/thegrownetwork.com\/fundraiser\/?oid=132&amp;affid=305\" target=\"_blank\"><img loading=\"lazy\" width=\"600\" height=\"465\" decoding=\"async\" src=\"https:\/\/www.activistpost.com\/wp-content\/uploads\/2025\/02\/Offgrid-Survival-Toolkit-2.jpg\"\/><\/a><\/div><\/div>\n\n\n\n<p>Canaan\u2019s 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\n\n\n<p>\u201cCAN\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,\u201d he wrote.<\/p>\n\n\n\n<p>Canaan\u2019s push into home mining rigs has diversified the company\u2019s revenue, he further noted.<\/p>\n\n\n\n<p>The equipment maker is also growing its self-mining capacity in the U.S. and globally.<\/p>\n\n\n\n<p>\u201cWhile 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,\u201d Palmer added.<\/p>\n\n\n\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\u2019s valuation.<\/p>\n\n\n\n<p><strong><em>Read more:\u00a0<a href=\"https:\/\/www.coindesk.com\/markets\/2025\/05\/01\/bitcoin-miners-with-hpc-exposure-underperformed-btc-for-third-straight-month-jpmorgan\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin Miners With HPC Exposure Underperformed BTC for Third Straight Month: JPMorgan<\/a><\/em><\/strong><\/p>\n\n            \n        <\/div>\r\n<br>\r\n","protected":false},"excerpt":{"rendered":"<p>Benchmark\u2019s Mark Palmer initiated coverage on the firm\u2019s roughed-up shares with a buy rating and $3 price target. What to know: Benchmark\u2019s Mark Palmer initiated coverage of Canaan with a buy rating and a $3 price target. The bitcoin rig maker\u2019s shares don\u2019t reflect upside potential from the expansion of the company\u2019s self-mining operations, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":109722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12022],"tags":[14545,12920,87717,2806,31934,15038,2156,18803,745],"dealstore":[],"offerexpiration":[],"class_list":["post-237715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-activist","tag-analyst","tag-bitcoin","tag-canaan","tag-maker","tag-mining","tag-rig","tag-street","tag-upside","tag-wall"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Mining Rig Maker Canaan Could Have 5X Upside, Says Wall Street Analyst - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=237715\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Mining Rig Maker Canaan Could Have 5X Upside, Says Wall Street Analyst - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Benchmark\u2019s Mark Palmer initiated coverage on the firm\u2019s roughed-up shares with a buy rating and $3 price target. What to know: Benchmark\u2019s Mark Palmer initiated coverage of Canaan with a buy rating and a $3 price target. The bitcoin rig maker\u2019s shares don\u2019t reflect upside potential from the expansion of the company\u2019s self-mining operations, the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fivemor.com\/?p=237715\" \/>\n<meta property=\"og:site_name\" content=\"Som2ny Network\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-12T08:23:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/Offgrid-Survival-Toolkit-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"465\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fivemor.com\/?p=237715#article\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/?p=237715\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\"},\"headline\":\"Bitcoin Mining Rig Maker Canaan Could Have 5X Upside, Says Wall Street Analyst\",\"datePublished\":\"2025-05-12T08:23:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fivemor.com\/?p=237715\"},\"wordCount\":311,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/fivemor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/fivemor.com\/?p=237715#primaryimage\"},\"thumbnailUrl\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/Offgrid-Survival-Toolkit-2.jpg\",\"keywords\":[\"Analyst\",\"Bitcoin\",\"Canaan\",\"Maker\",\"mining\",\"RIG\",\"Street\",\"Upside\",\"wall\"],\"articleSection\":[\"Activist\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/fivemor.com\/?p=237715#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fivemor.com\/?p=237715\",\"url\":\"https:\/\/fivemor.com\/?p=237715\",\"name\":\"Bitcoin Mining Rig Maker Canaan Could Have 5X Upside, Says Wall Street Analyst - 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