Canaan Inc. (NASDAQ: CAN), a leading provider of high-performance computing solutions, saw its stock soar 6.45% in pre-market trading, building on the previous day's 5.65% gain. The company's shares are benefiting from a double boost: a significant contract win in Japan and a broader rally in crypto-related stocks as Bitcoin approaches the $110,000 mark.

Canaan recently announced a 4.5 MW sales contract with an electrical engineering solutions provider in Japan. The deal involves deploying Canaan's Avalon A1566HA-488T hydro-cooled mining servers to support power grid stability, showcasing the versatility of the company's technology beyond traditional cryptocurrency mining. This strategic expansion into the Japanese market and the innovative application of its mining hardware for infrastructure purposes have caught investors' attention.

The pre-market surge is also part of a broader uptrend in crypto-related stocks. Bitcoin's price jump to nearly $110,000 has lifted the entire sector, with several companies seeing significant gains. Strategy is up 7%, BitMine over 6%, and other crypto shares like BTCS, Riot Platforms, Coinbase, and Bit Digital are all showing strong performances. This overall positive sentiment in the crypto market is providing additional momentum to Canaan's stock price.