Posted 12/20/2023, 6:01:08 PM
Canaan Stock Surges 30%+ as Bitcoin Mining Equipment Maker Rides Crypto Momentum
- Canaan Inc. (NASDAQ CAN) stock is up over 30% on continued momentum and heavy trading volume
- Canaan manufactures equipment for Bitcoin mining and revenue comes from sales of these machines
- Investors are speculating on possible Bitcoin ETF approval, which may be driving recent stock gains
- Bitcoin price is up nearly 4% in the last 24 hours, rallying to over $43,900
- Canaan stock has gained over 68% in the past month amid the crypto market's strength