Aside from one Japanese stock, Metaplanet, the only liquid stocks left are MSTR, CRCL, COIN, and three mining stocks, MARA, RIOT, and CLSK, each around 5 billion.

Why are these yellow-skinned stocks from Canaan not able to get a premium?

First, they have long been categorized as Chinese concept stocks, which has been a significant disadvantage in recent years.

Second, capital operations are not about doing business but about building relationships. The company was sold off to institutions a long time ago, and all are professional managers with Wall Street backgrounds, who is honestly doing business with you? Look at that beast MARA, it has been continuously making cost-ineffective acquisitions while issuing ATM shares to sell to institutions (scalpers).

Yellow-skinned stocks are suitable for doing business, but with compliance constraints and having to build relationships in foreign markets, how can they compete? Honestly, it might be better to just issue a coin.