CAN stock surged in February as the extended rally in cryptocurrencies continued to boost CAN stock.
CAN stock is particularly well-positioned to benefit as a maker of Bitcoin mining machines, presently scarce and in high demand.
Last week, Canaan announced “improved revenue visibility” for 2021 after receiving orders for 100,000 mining machines in North America, many of which were prepaid.
Canaan Creative is just the latest beneficiary of the recent rush into cryptocurrencies.
Founded in 2013, Canaan released the first ASIC-powered Bitcoin mining machine and is currently the world’s second-largest designer and manufacturer of BTC mining machines.