Canaan initiated with a Buy at BTIG

BTIG initiated coverage of Canaan (CAN) with a Buy rating and $3 price target Canaan has produced ASIC mining rigs since 2013 and now offers the highly efficient A16 model while also operating a self-mining fleet across eight global data centers and holding about 1,600 BTC, the analyst tells investors in a research note. The company is prioritizing BTC self-mining expansion, greater rig-manufacturing market share, and power-infrastructure access as part of its vertically integrated strategy, the firm says.