Stock Track | Canaan Inc. Soars Nearly 6% in Pre-market as Bitcoin Surges Past $106,000

Stock Track2024-12-16

Canaan Inc. (CAN), a leading Bitcoin mining equipment manufacturer, saw its stock soar 5.94% in pre-market trading on Monday, December 16th. The surge came amidst a broader rally in crypto-related stocks, fueled by Bitcoin's record-breaking rise above $106,000 in early Asian trade.

Bitcoin, the world's largest cryptocurrency, hit an all-time high of $106,606, boosted by comments from President-elect Donald Trump suggesting plans to create a U.S. bitcoin strategic reserve similar to the strategic oil reserve. This news fueled speculation about increased adoption and institutional interest in cryptocurrencies, driving up prices across the crypto market.

Canaan's pre-market rally was part of a broader surge in crypto-related stocks, with companies like MicroStrategy (MSTR), Riot Platforms (RIOT), and Mara Holdings all seeing significant gains in overnight trading. The positive sentiment surrounding Bitcoin and cryptocurrencies has lifted these stocks, which are seen as proxies for investors to gain exposure to the burgeoning crypto industry.

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