Abstract : It is the lowest price perhaps that made mainstream institutions to buy stocks on a much larger scale.
May 31 (ChianDD) Fidelity is said to be increasing the stake of Canaan Inc. (NASDAQ: CAN).
As of March 31, Fidelity has increased its stake in Canaan by 2338,558 shares, or 1.49%, and is likely to continue this action. In addition, the Renaissance Foundation has also bought 17,400 shares of Canaan.
With two legendary foundation holdings increasing its shares, it may conducive to the recovery of share price of Canaan.
As a supercomputing solution provider and one of the largest manufacturers of bitcoin mining machines in China, Canaan was listed on the Nasdaq in 2019.
However, the stock of Canaan is currently trading at a record low, due to that early shareholders have unlocked sales and the mining industry has been in decay after bitcoin halving. It is the lowest price perhaps that made mainstream institutions to buy stocks on a much larger scale.