Bitcoin rally lifts Canaan, American Bitcoin, and Cango shares as much as 67%

Crypto-related stocks like ABTC, MSTR, and COIN rose as Bitcoin surpassed $80K and Ethereum gained 4.1%. ABTC climbed 11.66% to $9.86, MSTR increased 9.26% to $144.49, and COIN rose 6.51% to $185.30. The broader crypto market advanced 2%, supporting these gains.

Canaan Inc. (CAN) shares rose 21.93% to 38 cents Friday, driven by a broader rally in cryptocurrency-linked stocks. The surge follows U.S. regulatory agencies' moves to establish clearer oversight for digital assets, boosting Bitcoin prices and benefiting Canaan, a Bitcoin mining hardware manufacturer.

American Bitcoin Corp. (ABTC) shares rose 9% after BTIG initiated coverage with a $15 target, 84% above Wednesday's close. The company, co-founded by Eric Trump, combines Bitcoin mining and accumulation, holding 8,002 BTC as of June 30. ABTC has traded lower this year, reaching a 52-week low of $4.92.

Canaan Inc. (CAN) reported Q2 FY26 revenue of $31.9M, down from $100.2M in Q2 FY25, with a net loss of $97.6M. Lower Bitcoin prices reduced demand for mining equipment, impacting both product and mining revenue. The company's digital asset holdings reached a record high, but losses from financial derivatives and cryptocurrency holdings increased.

BTIG initiated coverage of American Bitcoin Corp. (NASDAQ: ABTC) with a Buy rating and $15 price target, implying 88% upside. The company holds 8,002 BTC and mined 932 BTC in Q2 2026, a 14% increase from Q1. Shares are down 69% year-to-date.

BTIG initiated coverage of American Bitcoin Corp with a Buy rating and $15 price target, implying 87.7% upside from the Sep 15 close. The firm highlights the company's strategic power partnership with Hut 8 and its disciplined Bitcoin accumulation strategy, which has led to a treasury of approximately 8,000 BTC.