CAN Stock Price Increases Over 5% Pre-Market: Why It Happened

By Amit Chowdhry ● Aug 9, 2021
  • The stock price of Canaan Inc (NASDAQ: CAN) increased by over 5% pre-market. This is why it happened.

The stock price of Canaan Inc (NASDAQ: CAN) – a leading high-performance computing solutions provider – increased by over 5% pre-market. There are not any company-specific reports driving the stock price up today so it appears there are external factors at play.

Investors in stock trading platforms are citing the momentum in cryptocurrencies as being the driving force for the stock price increase. The price of the Bitcoin cryptocurrency is up more than 9% over the past week. And Ethereum is up more than 12% over the past week. 

Earlier this month, Canaan announced that it received from HIVE Blockchain Technologies Ltd. a purchase order for 4,000 bitcoin mining machines with an aggregate operating hash power of 272 Petahash per second (“PH/s”). And according to the terms of the order, the company will deliver the mining machines in two tranches over the next 60 days, including 2,000 machines in August 2021 and 2,000 machines in September 2021.

This order is an addition to HIVE’s previous order placed earlier this year for 6,400 Canaan AvalonMiner 1246 Miners with an aggregate operating hash power of 576 PH/s. 

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.