基準分析師馬克·帕爾默（Mark Palmer）說

總部位於新加坡的比特幣採礦ASIC芯片和鑽機的開發人員（CAN）經歷了艱難的跑步

Canaan (NASDAQ:CAN) could be a five-bagger from current levels, and Benchmark analyst Mark Palmer is kicking off coverage of the ADRs with a Buy rating and a $3 price target.

迦南（NASDAQ：CAN）可能是當前水平的五個貓，而基準分析師Mark Palmer則以買入評級和3美元的價格目標開始對ADR的報導。

The shares are down about 72% year-to-date and closed yesterday at $0.62.

這些股票從年初到期的72％下跌約72％，昨天收於0.62美元。

Canaan'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 U.S., Palmer pointed out.

帕爾默指出，迦南的雙重戰略著眼於ASIC比特幣芯片和鑽機的發展，以及其自礦工運營的擴展，尤其是在美國。

"CAN's vertically integrated approach differentiates it within the bitcoin mining space while positioning it to capitalize on both chip/rig sales and proprietary mining revenues," the analyst wrote.

這位分析師寫道：“ CAN的垂直整合方法將其在比特幣採礦領域中區分了它，同時將其定位為利用芯片/鑽機銷售和專有採礦收入。”

Palmer added that Canaan's foray into home mining rigs has diversified the company's revenue streams. Moreover, Canaan is rapidly expanding its self-mining capacity in the U.S. and globally.

帕爾默補充說，迦南進入家庭採礦鑽機已經使公司的收入流分散。此外，迦南正在迅速擴大其在美國和全球的自礦力能力。

"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."

“雖然該公司僅從其自礦工運營中獲得了2024年收入的16.3％，但它打算將在2025年中期推動其自礦工運營的總計算機功率增加到北美的10 EH/s，在全球範圍內15 EH/S。”

Palmer noted that Canaan has a stack of 1,408 bitcoin with a current value of about $133 million, or nearly 70% of its current market cap, which should be supportive of the company's valuation.

帕爾默指出，迦南的堆棧為1,408個比特幣，目前價值約為1.33億美元，佔其當前市值的近70％，應支持該公司的估值。