Apart from the Japanese stock Metaplanet, the only liquid options left in the coin stocks are the American stocks MSTR, CRCL, COIN, as well as the three mining stocks MARA, RIOT, and CLSK, which are around 5 billion.

Why are these yellow-skinned coin stocks from Canaan not doing well and unable to achieve a premium?

Firstly, they have long been categorized as Chinese concept stocks, which, as we all know, has been a significant disadvantage over the past few years.

Secondly, capital operations are not about doing business; they are about building relationships. The company was sold to institutions a long time ago, all run by professional managers with Wall Street backgrounds. Who is honestly going to do business with you? Look at that beast MARA; for years it has been continuously acquiring at any cost while simultaneously issuing ATM shares to sell to institutions (scalpers).

Yellow-skinned stocks are more suited for doing business, navigating regulatory constraints, and building relationships in away games. Honestly, it might be better to just issue a coin.