Canaan Technology posted its best quarterly results in three years, but its stock price still fell 7%.

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Despite Canaan Technology reporting its strongest quarterly earnings in three years, its stock price fell 7% to $0.56 on Tuesday. The report showed fourth-quarter revenue increased 121.1% year-over-year to $196.3 million, while Bitcoin mining revenue increased 98.5% year-over-year to $30.4 million. The company currently holds 1,750 BTC (worth approximately $120 million) and 3,950 ETH. Despite record hashrate sales this quarter (14.6 EH/s), the stock price has fallen 18.1% this year and is still some distance from its $1 target price, which it must recover to by July, or risk being delisted from Nasdaq. (Cointelegraph)

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