Nasdaq-listed cryptocurrency mining machine maker Canaan Creative (CAN) has rocketed 27% Tuesday morning as bitcoin hit a new all-time high.
Canaan is currently trading at $16.55, up from its Friday close of $13.04, according to TradingView.
The company has gained nearly 250% month-to-date outpacing the rise in the cryptocurrency its machines mine. Bitcoin has gained over 65% so far in 2021 after setting new record highs above $50,000 Tuesday.
Higher prices for bitcoin means increased demand for mining machines and a bigger premium for those machines.
Shares of Canaan first closed above the company's November 2019 listing price on Friday of around $12 before the U.S. holiday weekend.
CEO Nangeng Zhang recently said the company "can now forecast our revenue much more precisely" after shifting its client base in late 2020 "to mostly publicly traded companies and bitcoin-focused investment funds which tend to place sizable orders with longer-term commitment."
Previously, the company mostly sold mining machines to individual operators "who may not have longer-term planning," Zhang said.
The Hangzhou, China-based company has a market value of $1.7 billion, per TradingView.