Why Canaan, Sos, Riot Blockchain, Ebang, Marathon Patent, Bit Digital, AirNet Stocks Skyrocketed Today

Shares of several cryptocurrency-related companies soared on Tuesday as Bitcoin BTC/USD posted a major recovery from a low of $49,506 on Monday to trade at $54,566.20 at press time.

What Happened: Bitcoin equipment manufacturer Canaan Inc CAN shares closed 50.45% higher at $28.69 and rose 3.87% to $29.80 in the after-hours session. 

Sos Ltd SOS, which received cryptocurrency mining equipment ahead of schedule in February, saw shares spike 21.09% in regular trading to $6.66 and added 2.40% gains in the after-hours.

Colorado-based Riot Blockchain Inc RIOT jumped 33.81% in the regular session to $52.16 and rose 5.16% to $54.85 in after-hours trading. Riot is focused on BTC mining.

Ebang International Holdings Inc EBON announced intent to foray into Litecoin LTC/USD  and Dogecoin DOGE/USD mining late last month. The company’s shares rose 26.16% to $7.09 and rose another 4.94% in after-hours trading to $7.44.

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Uniloc subsidiary Marathon Digital Holdings Inc MARA, a cryptocurrency mining firm, ended the regular session up by 28.97% at $36.77. The company’s shares rose 3.48% to $38.05 in the after-hours session.

Bitcoin miner Bit Digital Inc’s BTBT shares closed 30.54% higher at $15.90 and rose 6.29% in the after-hours trading to $16.90. The company removed its CEO Min Hu for non-participation in mining operations last month. 

Shares of Chinese digital media services provider Airnet Technology Inc ANTE, which gave Unistar Group Holdings a 19% stake in exchange for the delivery of 500 computer servers designed to mine cryptocurrency last month, shot up 27.90% to $3.53. After-hours, the shares saw a further gain of 4.82% to $3.70.

Why It Matters: BTC has returned 88.22% on a year-to-date basis, while Ethereum ETH/USD has returned 146.69%. ETH traded 1.76% lower at $1,806.67 at press time.

ARK Investment Management CEO Cathie Wood said Tuesday that cryptocurrencies may gain a place in recommended portfolios for everyday investors akin to fixed-income investments.

Corporate investors are already making a beeline to invest in cryptocurrencies. This week, the Chinese beauty app Meitu purchased 15,000 ETH worth $18.96 million. 

Last month, Jack Dorsey-led Square Inc SQ piled on 3,318 BTC worth $170 million after first buying $50 million worth of BTC in October.

Elon Musk’s Tesla Inc TSLA and Michael Saylor’s MicroStrategy Incorporated MSTR have purchased BTC worth $1.5 billion and $2.17 billion respectively.

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