Canaan Inc. (CAN) saw its stock price skyrocket by 22.16% in intraday trading, driven by a significant order for its bitcoin mining machines and buoyed by a broader cryptocurrency market rally. The company, a leading provider of supercomputing solutions and bitcoin mining hardware, announced a game-changing development that has caught investors' attention.

The surge comes on the heels of Canaan's announcement that it has secured an order for more than 50,000 of its latest-generation Avalon A15 Pro mining machines from a U.S.-based bitcoin miner. This order marks the largest for the company in the past three years, signaling a potential resurgence in the cryptocurrency mining sector. The substantial purchase is slated for delivery in the fourth quarter, providing a significant boost to Canaan's order book and future revenue prospects.

Adding fuel to Canaan's rally, the broader cryptocurrency market experienced a notable uptick, with Bitcoin surging to $119,000 and Ethereum reaching $4,400. This market-wide movement has lifted various crypto-related stocks, with Canaan leading the pack. The convergence of the large order and the favorable crypto market conditions has created a perfect storm for Canaan's stock, reflecting investor optimism about the company's position in the evolving digital currency landscape.