We recently published a list of Why These 15 Crypto Stocks Have Been Plunging In 2025. In this article, we are going to take a look at where Canaan Inc ADR (NASDAQ:CAN) stands against other crypto stocks that have been plunging In 2025.

Crypto stocks have fallen significantly off their peaks as Bitcoin (BTC-USD) cools. Many crypto investors hoped that Trump’s crypto national reserve announcement would be followed up by news announcing that the U.S. government will start buying BTC like El Salvador did to prop up these reserves.

Instead, the government will likely create the reserve out of previously seized cryptocurrencies from criminals. This led to Bitcoin falling even further. The biggest impact of this was on Bitcoin miners. These companies make a significant amount of their revenue from mining or stockpiling large amounts of Bitcoin and then benefiting from the increases in value as it also increases their assets on the balance sheet.

However, with Bitcoin cooling off recently and crypto mining companies not having that big of a spike in the current cycle, many have started to plunge significantly.

Methodology

For this article, I screened the worst-performing crypto-related stocks year-to-date.

I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

A close up view of a final mining equipment used in bitcoin mining.

Canaan Inc ADR (NASDAQ:CAN)

Number of Hedge Fund Holders In Q4 2024: 16

Canaan Inc ADR (NASDAQ:CAN) is a Singapore-based tech company specializing in integrated Bitcoin mining circuits.

The stock is down significantly so far in 2025 after new crypto restrictions in China impacted the company’s market prospects.

And obviously, crypto miners haven’t delivered the best performance in the past few months. They have scaled back their crypto expansion plans and are focusing on HPC and AI.

As a result, Canaan reported a gross loss for Q4 2024, with revenues of $89 million failing to offset operational costs. This resulted in a narrowed gross loss between $6 million and $10 million, but it is still very unprofitable.

The consensus price target of $4.33 implies 241.21% upside.

CAN stock is down 38.05% year-to-date.

Overall, CAN ranks 1st on our list of crypto stocks that have been plunging In 2025. While we acknowledge the potential of CAN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CAN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

Disclosure: None. This article is originally published at Insider Monkey.