基准分析师马克·帕尔默（Mark Palmer）说

总部位于新加坡的比特币采矿ASIC芯片和钻机的开发人员（CAN）经历了艰难的跑步

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）可能是当前水平的五个猫，而基准分析师Mark Palmer则以买入评级和3美元的价格目标开始对ADR的报道。

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

这些股票从年初到期的72％下跌约72％，昨天收于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.

帕尔默指出，迦南的双重战略着眼于ASIC比特币芯片和钻机的发展，以及其自矿工运营的扩展，尤其是在美国。

"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.

这位分析师写道：“ CAN的垂直整合方法将其在比特币采矿领域中区分了它，同时将其定位为利用芯片/钻机销售和专有采矿收入。”

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.

帕尔默补充说，迦南进入家庭采矿钻机已经使公司的收入流分散。此外，迦南正在迅速扩大其在美国和全球的自矿力能力。

"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."

“虽然该公司仅从其自矿工运营中获得了2024年收入的16.3％，但它打算将在2025年中期推动其自矿工运营的总计算机功率增加到北美的10 EH/s，在全球范围内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.

帕尔默指出，迦南的堆栈为1,408个比特币，目前价值约为1.33亿美元，占其当前市值的近70％，应支持该公司的估值。