Ebang International Holdings Inc. (NASDAQ:EBON) shares are trading higher Wednesday on continued upward momentum. The stock has gained more than 50% over the past five days.

What To Know:

Ebang International Holdings is an ASIC chip design company and a manufacturer of high-performance Bitcoin mining machines, including the company's Ebit E10 model commercial mining machine.

Investors are eagerly anticipating the possible approval of a spot Bitcoin ETF, and Bitcoin (CRYPTO: BTC) continues to rally near 2-year highs which may be contributing to Ebang International's recent gains.

Fellow Bitcoin-mining hardware producer, Canaan Inc. (NASDAQ:CAN), is up 29% on Wednesday and has gained more than 115% over the past five days.

According to data from Benzinga Pro, Ebang shares are trading above the stock's 50-day moving average of $7.28 and are approaching its 52-week high of $12.60.

EBON Price Action: According to Benzinga Pro, Ebang International shares are up by 31% at $11.08 at the time of publication.

Image: Pete Linforth from Pixabay

What's Going On With Ebang International Holdings Stock?