Canaan Inc. Shifts Strategy to Pure Bitcoin Play

Canaan Inc. (NASDAQ:CAN) is among the best get rich quick stocks to buy now. In the era of Bitcoin dominance, Canaan Inc. (NASDAQ:CAN) has announced the discontinuation of its secondary AI semiconductor segment to entirely focus on Bitcoin mining machine sales, self-mining, and consumer mining products.

This attempt to improve operations and enhance capital efficiency means that Canaan Inc. (NASDAQ:CAN) can fully leverage the growing Bitcoin demand for sustainable growth. As Nangeng Zhang, the chairman and chief executive officer of the company, stated,

“By focusing our resources and talent on the areas where we have deep expertise and competitive advantage, we aim to drive sustainable growth.”

During FY2024, the AI semiconductor business, referred to as the “ASICs for edge computing applications” in the company’s annual report, generated roughly $0.9 million in revenue while accounting for around 15% of the total operating expenses. Having said that, we can expect a fall in the expenditures for Canaan Inc. (NASDAQ:CAN) once the discontinuation happens.

Not only this, the various in-line projects, particularly the expansion of its self‑mining and North American collaborations, make Canaan Inc. (NASDAQ:CAN) a positive EV play on Bitcoin at the current levels.

Canaan Inc. (NASDAQ:CAN) is a Singapore-based company that engages in bitcoin mining machine sales, self-mining operations, and consumer mining products. Incorporated in 2013, the company also assembles and distributes mining equipment and spare parts.

While we acknowledge the potential of CAN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

While we acknowledge the potential of CAN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CAN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.