Canaan Stock Skyrockets on Massive US Bitcoin Miner Order
Shares surge over 26% after the company announces its largest US order in three years for 50,000 mining machines.
Canaan Inc. (NASDAQ: CAN), a leading manufacturer of Bitcoin mining hardware, saw its shares surge by more than 26% on Thursday following the announcement of a landmark deal. The company has secured its largest purchase order from a U.S. firm in three years, a deal for over 50,000 of its latest-generation Avalon A15 Pro Bitcoin mining machines.
The significant order, the financial terms of which were not disclosed, represents a major vote of confidence in Canaan's technology and the broader American cryptocurrency mining sector. According to the announcement, the mining rigs are scheduled for delivery in the fourth quarter of 2025. Once deployed, they are expected to add over 10 exahashes per second (EH/s) of computing power to the Bitcoin network, a substantial increase in operational capacity.
This news comes at a critical time for the crypto mining industry, which has been navigating a competitive landscape marked by fluctuating cryptocurrency prices and rising energy costs. The demand for high-efficiency miners like the Avalon A15 Pro is crucial for companies aiming to maintain profitability. Canaan's CEO, Nangeng Zhang, stated that the deal and the company's commitment to its U.S. partnerships.
The market's reaction was immediate and pronounced, with Canaan's stock experiencing a trading volume three times its daily average. This surge reflects and suggests a bullish outlook on the future of Bitcoin mining in the United States. The identity of the U.S.-based buyer has not been made public, a common practice in such large-scale hardware agreements. This order signals continued, significant investment in the domestic crypto infrastructure, positioning the U.S. as a central player in the global digital asset landscape.