What's Going On With Bitcoin-Related Canaan Inc Stock?

Canaan Inc. CAN shares are trading higher Wednesday on continued upward momentum. The stock has gained more than 115% over the past five days.

What To Know:

Canaan shares are roaring higher on heavy trading volume Wednesday. According to data from Benzinga Pro, more than 31.4 million shares have been traded in the session, far exceeding the stock's 100-day average volume of 5.015 million shares.

Canaan, Inc. manufactures digital blockchain computing equipment, and company revenue is derived from the sales of Bitcoin mining machines and related parts. Investors are anticipating the possible approval of a spot Bitcoin ETF which may be contributing to the stock's recent gains and surge in popularity.

Bitcoin BTC/USD continues its recent rally and is up nearly 4% over the last 24 hours trading at $43,935.27 at the time of publication.

Canaan shares are up more than 68% over the past month as shown by the chart below:

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CAN Price Action: According to Benzinga Pro, Canaan shares are up 31% at $2.93 at the time of publication.

Image: Pete Linforth from Pixabay