Why Bitcoin- And Ethereum-Related Stock Canaan Is Rising

Canaan Inc - ADR CAN shares are trading higher after the company reported fourth-quarter ADS and sales results were higher year-over-year and issued guidance.

Canaan reported quarterly earnings of $1.84 per share. The company also reported $342.80 million in sales this quarter, representing a marked increase over sales of $5.86 million the same period last year.

Canaan says total computing power sold was 7.7 million Thash/s, compared to 0.2 million Thash/s in the same period of 2020, and up 15.5% from 6.7 million Thash/s in the third quarter of 2021, setting a new record. Canaan says sequential increases were mainly driven by the solid market demand and the responsive delivery of Bitcoin BTC/USD mining machines.

See Also: Canaan Revenue Jumps 57 Times In Q4 Backed By Computing Power Sales; Issues Robust Outlook

Canaan is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain.

Canaan has a 52-week high of $39.10 and a 52-week low of $3.50.