Shares of Canaan Inc. (NASDAQ: CAN), a leading provider of high-performance computing solutions, skyrocketed 17.53% in intraday trading on Friday. The dramatic surge can be attributed to a trifecta of positive developments: a significant contract win in Japan, a broader rally in crypto-related stocks, and the company's strategic decision to pause its at-the-market (ATM) offering program.

Canaan recently announced a 4.5-megawatt 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 significantly boosted investor confidence.

The surge is also part of a broader uptrend in crypto-related stocks, with Bitcoin approaching the $110,000 mark. Several companies in the sector saw substantial gains, with Canaan leading the pack. Additionally, Canaan's decision to pause its ATM sales through 2025, as reported in a recent update, may have further fueled the stock's ascent by potentially reducing share dilution concerns. This combination of positive factors has created a perfect storm for Canaan's stock, resulting in the impressive 17.53% gain during the trading session.