U.S. Crypto Stocks Surge Pre-Market! Canaan Jumps Over 15%, Hits Yearly High

TradingKey – Crypto-linked equities rallied ahead of the U.S. market open, with Canaan (CAN) leading gains for a third straight day.

On Wednesday morning, October 15, U.S. crypto-related stocks surged in pre-market trading:

• Robinhood (HOOD) rose nearly 3%
• Coinbase (COIN) and Strategy (MSTR) gained close to 2%
• Block (XYZ) climbed over 1%
• Canaan Inc. (CAN) outperformed, spiking more than 15% to $2.07, its highest level since January

Canaan Stock Price Chart – Source: TradingView.

Canaan’s rally follows its October 14 announcement of a flared gas mining initiative, which sent the stock soaring over 40% that day and another 18% yesterday. The project repurposes waste natural gas for Bitcoin mining and AI infrastructure, signaling a strategic pivot toward sustainable energy and computation.

Meanwhile, broader market sentiment was buoyed by Fed Chair Jerome Powell’s early morning signal of a potential rate cut. This dovish tone lifted multiple asset classes:

• Spot gold (XAUUSD) jumped over 1%, breaking above $4,200/oz to set a new all-time high
• Asian equities rallied across the board, with Korea’s KOSPI Index hitting a fresh record high

With macro tailwinds and sector-specific catalysts in play, crypto equities may continue to attract momentum traders and institutional flows.