5 Companies that Benefit From Crypto Mining

4. Canaan Inc. (NASDAQ: CAN)

Number of Hedge Fund Holders: 9   

Canaan Inc. (NASDAQ: CAN) is a Chinese company that sells computer hardware products that are used in mining cryptocurrencies. It is ranked fourth on our list of 10 companies that benefit from crypto mining. The stock has returned 277% to investors in the past year. In addition to making products for blockchain, the firm also engages in the artificial intelligence and data centre business. It has a market cap of close to $1.5 billion and posted more than $68 million in revenue last year. 

On June 1, Canaan Inc. (NASDAQ: CAN) soared 10% as the company revealed earnings for the first quarter of 2021, reporting a revenue of over $61 million, an increase of more than 530% compared to the revenue over the same period in 2020. 

At the end of the first quarter of 2021, 9 hedge funds in the database of Insider Monkey held stakes worth $47 million in Canaan Inc. (NASDAQ: CAN), up from 4 the preceding quarter worth $3.8 million.