XCF Global Plunges 33.6% Amid Insider Buying, Tariff Hike

On June 10, 2025, XCF Global experienced a significant drop of 33.6% in pre-market trading, reflecting a substantial decline in investor confidence and market sentiment towards the company.

One of the key factors contributing to this decline is the recent share purchases by Canaan Inc.'s Chairman and CEO Nangeng Zhang, along with CFO James Jin Cheng. They collectively purchased 817,268 American Depositary Shares (ADSs) at an average price of $0.76. This move, while intended to demonstrate confidence in the company's future prospects, may have raised concerns among investors about the underlying reasons for such a large purchase by insiders.

Additionally, Canaan Inc. released its unaudited bitcoin mining update for May 2025, highlighting a 10% increase in tariffs on its Malaysia-made Bitcoin mining machines due to ongoing U.S. trade uncertainties. This news could have further dampened investor sentiment, as it indicates potential challenges in the company's operations and profitability.