Why Canaan Stock Spiked Higher Today

Shares of Canaan (NASDAQ: CAN), a company that manufacturers equipment for mining cryptocurrencies, spiked higher on Wednesday after the company announced a big order from a customer. At 11:30 a.m. EST, the stock was up 11%.

According to a direct communication from a consultant for the company, Canaan has made a big sale to a company called Mawson Infrastructure Group. Mawson Infrastructure is buying 11,760 of Canaan's A1246 ASIC AvalonMiners -- its latest model. These are scheduled to be gradually delivered over the course of 2021.

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Source Fool.com