11 Best Penny Stocks to Invest in Under $1

4. Canaan Inc. (NASDAQ:CAN)

Share Price as of April 10: $0.74

Number of Hedge Fund Holders: 16

Canaan Inc. (NASDAQ:CAN) researches, designs, and sells ICs, and leases final mining equipment by integrating IC products for bitcoin mining and related components. It is involved in the assembly and distribution of mining equipment and spare parts, together with the distribution of AI products, as well as the mining business.

In the company’s Bitcoin mining machines business, the current flagship product is the A15 series. In Q4 2024, the company made $73 million in revenue from these machine sales and improved 64% year-over-year. This surge was driven by the sale of 9.1 million terahashes per second of computing power, which was a 66% year-over-year increase. The A15 series sold over 17,000 units in Q4.

About 80% of these sales went to large North American public mining companies like Cipher, CleanSpark, and HIVE. The company’s growing presence in the North American market now accounts for ~40% of its total mining machine sales for the full year 2024. Canaan Inc. (NASDAQ:CAN) also has delivery schedules booked into May and June of 2025 for the A15 series. In addition, it’s developing the next-gen A16 mining machines which aim to bring even more advanced technology to the market.