Why Canaan's Shares Popped 18.3% Today

Shares of crypto mining hardware company Canaan (Nasdaq: CAN) jumped as much as 18.3% in trading on Monday after announcing a new CFO. James Jin Cheng will immediately replace Tong He, who will remain the company's Director of Finance. Shares held steady in afternoon trading and are up 16.1% at 3:15 p.m. EDT. 

The CFO news is notable but doesn't normally move a stock this significantly. But mining stocks are up today in part because Bitcoin (CRYPTO: BTC) traded over $42,600 briefly this weekend. If the price of Bitcoin continues to move higher in general, it'll be good for companies like Canaan. 

Image source: Getty Images.

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Source Fool.com