Canaan Stock Jumps 25% on Largest Bitcoin Miner Order in 3 Years

Canaan, a cryptocurrency mining equipment manufacturer, announced that it has secured the largest order in three years for over 50,000 Avalon A15 Pro mining rigs from an undisclosed U.S. customer. Following this news, Canaan’s stock price surged by 25% to $1.30, marking the highest price since February. This milestone order is significant for Canaan, reflecting a rebound in institutional demand for Bitcoin mining infrastructure. The machines are expected to be delivered in the fourth quarter of 2025. Canaan's CEO, Nangeng Zhang, emphasized the importance of this order in showcasing the company's commitment to the U.S. market. The excitement around Bitcoin mining has been driven by the recent rise in Bitcoin's price, as well as increased interest from high-performance computing, bolstered by advancements in artificial intelligence. This order contributes to a broader trend where the market cap of publicly traded Bitcoin miners surged over $50 billion for the first time, driven by strong institutional interest and rising Bitcoin prices.

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