Shares of Canaan Inc. (CAN), a leading cryptocurrency mining hardware manufacturer, plummeted by 5.03% in Friday's intraday trading session. This decline comes amidst the broader cryptocurrency market experiencing volatility, with Bitcoin reaching a new high of $99,000 earlier in the day.

The stock's movement could be attributed to the company's anticipated quarterly earnings report, scheduled for release on February 25, 2025. According to analysts' estimates, Canaan is expected to report a loss of $0.08 per share for the quarter ending December 31, 2024, despite a projected 63.4% year-over-year increase in revenue to $80.172 million.

While the cryptocurrency market has witnessed positive developments, such as regulators dropping a lawsuit against Coinbase and President Trump reaffirming his plan to make the U.S. a global "crypto capital," these factors may not have offset concerns surrounding Canaan's potential financial performance. Investors could be exercising caution ahead of the earnings release, leading to the stock's decline.