Canaan stock surges as Q3 revenue doubles on Bitcoin miner demand

Shares in Canaan jumped 20% on Tuesday as the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year.

Shares in Canaan surged on Tuesday after the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year, driven by a high demand for equipment as multiple miners saw revenues increase.

Canaan said on Tuesday that its total Q3 revenues increased 104% from last year to $150.5 million due to a “substantial volume of new orders,” with its mining equipment revenues making up the lion’s share at $118.6 million.

James Jin Cheng, the miner’s chief financial officer, said in the company’s earnings call that a large number of sales came from clients in the US, who “started actively placing sizable and repeating orders.”

Read more