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    Fedorchak Belen

    Research Analyst at B. Riley Securities

    Fedorchak Belen is an Equity Research Analyst at B. Riley Securities, recognized for comprehensive coverage of consumer and retail companies such as Bed Bath & Beyond, GameStop, and Express. With a performance track record that includes successful calls resulting in an estimated average return of 16% and a TipRanks success rate near 58%, Belen is regarded for timely, actionable insights backed by in-depth market analysis. Belen began their financial career in the early 2010s, previously holding positions at several reputable investment firms before joining B. Riley Securities in 2019. Professionally credentialed with FINRA Series 7 and 63 registrations, Belen has received consistent positive recognition from industry benchmarks for analytical accuracy and investment performance.

    Fedorchak Belen's questions to Canaan (CAN) leadership

    Fedorchak Belen's questions to Canaan (CAN) leadership • Q2 2025

    Question

    Fedorchak Belen of B. Riley Securities asked for a summary of the company's North America plans and the expected evolution of average selling prices (ASP) through 2025 and into 2026, considering some miners are postponing expansion for AI initiatives.

    Answer

    CEO Nanjing Zhang explained that while the current hash price indicates a bull market, ASP is artificially low due to the supply/demand imbalance from U.S. tariffs. He expressed cautious optimism for ASPs in late 2025, expecting them to rise as U.S. market access improves via local manufacturing and as the higher-performance A16 series is introduced. He believes this will help normalize the market.

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