CAN - Why Canaan Stock Soared Today Even as Other Bitcoin Stocks Sank
Shares of Canaan (NASDAQ: CAN) , a company that manufactures hardware for mining Bitcoin (CRYPTO: BTC) , soared today due to upbeat financial guidance. As of 12:30 p.m. EST, the stock was up 13%, even though Bitcoin and other Bitcoin stocks were down sharply.
In its press release today, Canaan's management let investors know that it has a really good idea of how its business is going to go: It's going to be running at capacity. The company has preorders for over 100,000 Bitcoin-mining machines, which management says is about all it can make with its current manufacturing facilities. This is a positive development for a company whose third-quarter revenue was down 76% year over year.
Image source: Getty Images.
For further details see:
Why Canaan Stock Soared Today Even as Other Bitcoin Stocks Sank