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

Why can't this pile of yellow-skin stocks from Canaan get a premium?

First, they have long been categorized as Chinese concept stocks, which is known to be 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, all managed by professional managers with a Wall Street background; who is going to honestly do business with you? Just look at that beast MARA, it's a typical example: for years, it has been continuously acquiring at any cost to maintain its leading position and obtain market premiums while simultaneously issuing ATM shares to sell to institutions (the chives).

Yellow-skin stocks are more suited for doing business, dealing with regulatory constraints, and building relationships in away games; how to manage it is really not as good as just issuing a coin.