Canaan sells all ETH holdings, uses proceeds for share buyback

Nasdaq-listed Bitcoin mining rig maker Canaan said it sold all of its ETH holdings and part of its BTC stash to fund a share buyback. The company said it sold 3,952 ETH at about $2,400 each and 54 BTC at about $79,000 each, securing $13.9 million in cash. Of that amount, it used $5.4 million to buy 13.6 million ADSs on the open market. As of the end of August, Canaan held 1,868 BTC.