Benchmark: Canaan Technology is given a buy rating for the first time, and its stock price may rise 5 times due to its self-operated mining business

Benchmark analyst Mark Palmer has given a "buy" rating to Canaan Technology, a bitcoin mining machine manufacturer listed on the Nasdaq, for the first time, with a target price of $3, nearly five times higher than the current price of $0.62. Mark Palmer pointed out that Canaan Technology's stock price has not reflected its potential in expanding its self-operated mining business in the United States. In addition, Canaan Technology holds about 1,408 bitcoins, valued at approximately $133 million at current prices, accounting for about 70% of its market value, which also helps support its valuation.