Canaan to sell part of crypto holdings to fund share buybacks

Nasdaq-listed Bitcoin mining rig maker Canaan said on Aug. 4 it plans to sell part of its cryptocurrency holdings to fund share buybacks. Canaan said the proceeds will be used for an American depositary share, or ADS, repurchase program approved by its board in December 2025. The company added it may sell additional cryptocurrency later depending on its share price, market conditions and operating cash needs. Based on Aug. 3 market prices, Canaan’s cryptocurrency holdings were valued at about $130 million. The company said its current market capitalization is below the combined value of its cryptocurrency holdings and cash-equivalent assets.