Japan has officially joined the list of countries supporting Bitcoin mining with government involvement, making it the 11th nation globally to do so, as announced by VanEck's head of digital assets research, Matthew Sigel.
The decision follows a 4.5 MW order from Canaan, a Bitcoin mining hardware manufacturer, to a Japanese utility that will use Avalon mining rigs to stabilize the regional grid load by operating during periods of excess electricity generation.
This state-aligned approach is facilitated by the Japanese government's partial ownership in all 10 regional utilities, and it coincides with broader crypto adoption efforts under Prime Minister Sanae Takaichi, including regulatory moves to integrate digital assets into traditional banking.
Canaan's stock (CAN) surged 14.5% to $1.42, with intraday fluctuations between $1.36 and $1.48, and a trading volume of 24 million shares, reflecting strong investor interest.
Bitcoin mining stocks, such as MARA Holdings (MARA), Riot Platforms (RIOT), CleanSpark (CLSK), and Core Scientific (CORZ), also saw gains, with CORZ leading at a 4.82% increase to $21.74 per share.
Bitcoin's price rebounded from $106,500 to above $110,000, trading near $109,985, driven by buy-the-dip sentiment and optimism among derivatives traders, signaling positive market reactions to institutional adoption trends.
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