CAN Stock: Why Crypto Plan Canaan Is Rocketing Higher Today

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Canaan Creative (NYSE:CAN) inventory surged in buying and selling for the second time this week because the prolonged rally in cryptocurrencies continued to spice up related shares. CAN inventory is especially well-positioned to learn as a maker of Bitcoin (CCC:BTC) mining machines, presently scarce and in excessive demand.

chart of cryptocurrency

chart of cryptocurrency

Source: Shutterstock

Last week, Canaan introduced “improved revenue visibility” for 2021 after receiving orders for 100,000 mining machines in North America, lots of which have been pay as you go. Chairman and CEO Nangeng Zhang attributed the positive factors to a shift in buyer base, with CAN promoting extra models by way of bulk orders to publicly traded firms and cryptocurrency funding funds.

Canaan Creative is simply the most recent beneficiary of the latest rush into cryptocurrencies, which has seen Bitcoin surge previous $50,000 per coin and lots of giant firms shifting into the area. This week additionally noticed the debut of the first North American Bitcoin ETF. However, a lot of that funding pleasure has missed the Chinese cryptocurrency area, making CAN inventory considerably of an anomaly amongst its geographic friends.

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Founded in 2013, Canaan launched the primary ASIC-powered Bitcoin mining machine and is presently the world’s second-largest designer and producer of BTC mining machines.

CAN inventory has consistently gained in trading this week, however Friday’s bull rally was sharper; the inventory closed final week at simply over $13 per share, earlier than rising to $17.30 by the market shut on Thursday; Canaan inventory closed Friday buying and selling for $24.79, up 43.05% for the day.

On the date of publication, Vivian Medithi didn’t have (both instantly or not directly) any positions within the securities talked about on this article.

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