Benzinga | Sep 15, 2021 01:40PM EDT

Why Bitcoin-Related Stock Canaan Is Falling

Canaan Inc - ADR (NASDAQ:CAN) shares are trading lower by 13.8% at $7.92 after the company reported second-quarter earnings results and issued third-quarter guidance.

"Currently, we are fully aware of the industry-wide challenges, such as Bitcoin price fluctuation, wafer supply instability, regulatory uncertainties in different countries," said James Cheng, Chief Financial Officer of Canaan.

"Nevertheless, we remain confident in our effective growth strategies, technologically advanced products, solid operating capabilities, as well as the enormous potential of the industry," Cheng noted.

Canaan is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain.

Canaan has a 52-week high of $39.10 and a 52-week low of $1.81.