Shares of Canaan Creative, one of the few publicly traded cryptocurrency mining equipment manufacturers, closed the July period down only 2%, a negligible decline given they ended the preceding three quarters down double digits.
While the company's shares have never ended a quarter on a positive noted since their Nasdaq listing in November 2019, they recently showed signs of stabilizing.
Since June, every trading session has closed in a tight one-dollar range between $1.75 and $2.75, according to data from TradingView. In November 2019, Canaan shares started trading around $12.60.
After closing Q2 with a 38% drop in share price, the Hangzhou, China-based company posted a 160% quarter-over-quarter revenue increase, as CoinDesk previously reported.
Still, Canaan’s lack of share price appreciation and continued operating losses reflect the fierce competition faced from MicroBT and Bitmain, said Ethan Vera, co-founder of Seattle, Wash.-based mining company Luxor Technology, in a private message with CoinDesk.
Vera called the company’s latest ASIC miner a “step in the right direction” but noted the technology needs continued improvement “if they want to see any gains in market share.”