Canaan Inc. (CAN), a leading provider of high-performance computing solutions, saw its stock soar 5.03% in pre-market trading on Friday. This surge came as Bitcoin topped $99,000 for the first time since February 7, fueled by a crypto rally after regulators agreed to drop a lawsuit against Coinbase.
The rally in the cryptocurrency market provided a significant boost to Canaan and other crypto-related stocks. With its focus on developing specialized chips for cryptocurrency mining, Canaan's performance is closely tied to the demand and profitability of crypto mining activities, which are driven by the prices of major cryptocurrencies like Bitcoin.
Crypto stocks across the board, including Coinbase, Bitfarms, MARA Holdings, Riot Platforms, and Strategy, also saw gains in pre-market trading. This collective rally highlights the growing optimism surrounding the crypto industry, as regulatory hurdles are being cleared and mainstream adoption continues to gain traction.
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