Canaan Mines Modest Bitcoin, Sells Assets to Fund Share Buyback

Canaan Inc., an American company in the crypto mining space, has reported its unaudited bitcoin production and operations update for August 2026. The company mined a total of 44 BTC during the month.

In addition to the modest bitcoin production, Canaan monetized part of its digital asset treasury by selling 3,952 ETH and 54 BTC at average prices of about US$2,400 per ETH and US$79,000 per BTC. This generated roughly US$13.9 million in cash.

The company used a portion of the proceeds to repurchase approximately 13.6 million ADSs for US$5.4 million, bringing total ADSs repurchased this year to about 16.4 million.