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

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.

See also: Best Cryptocurrency Apps

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.

Read Next: Dogecoin Gets Mark Cuban Boost But It's No Match To This NFT Crypto's Spiciness

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