Canaan Inc. ( CAN ) stock is trading higher on Monday amid a rise in the price of Bitcoin (CRYPTO: BTC).

What To Know: Bitcoin is currently up 1.07% over a 24-hour period, trading at approximately $120,000, per data from Benzinga Pro. Bitcoin briefly reached an all-time high of $123,000 amid investor optimism and strong ETF inflows. U.S. lawmakers are set to begin deliberations on a series of crypto-related bills in what is being called “Crypto Week” in America.

Last week, Canaan released its June 2025 Bitcoin production and mining operations update. The company said it mined 88 Bitcoin in June, down from May's record production, due to weather-related curtailments in Texas and electricity restrictions in Ethiopia. Despite the lower output, Canaan ended the month with a record 1,484 in total Bitcoin holdings on its balance sheet.

“This milestone underscores both our financial strength and our long-term commitment to strategically accumulating bitcoin. This marks a new record for our cryptocurrency holdings, reinforcing our financial flexibility and commitment to building strategic bitcoin reserves,” the company said.

Canaan also highlighted progress on its North American expansion, with about 1 EH/s of new computing power expected to be installed by the end of July. The company ended June with a deployed hashrate of 8.15 EH/s.

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CAN Price Action: At the time of writing, Canaan shares are trading 24.9% higher at 89 cents, according to data from Benzinga Pro.

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