Why Bitcoin-Related Stock Canaan Is Skyrocketing

Shares of cryptocurrency-related company Canaan Inc - ADR CAN are trading higher by 16.24% at $3.65 after the company reported first-quarter earnings results.

Canaan says total computing power sold was 4.3 million Thash/s, representing an increase of 119.1% from 2.0 million Thash/s in the same period of 2021.

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Meanwhile, revenues were RMB1,356.1 million (US$213.9 million), representing an increase of 236.7% from RMB402.8 million in the same period of 2021. Gross profit was RMB829.8 million (US$130.9 million), representing an increase of 327.2% from RMB194.2 million in the same period of 2021.

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According to data from Benzinga Pro, Canaan has a 52-week high of $11.50 and a 52-week low of $2.56.