Canaan Sells Digital Assets to Fund $30 Million Share Buyback

Canaan, a major Bitcoin mining hardware manufacturer, has announced that it will sell some of its digital assets to fund a $30 million share repurchase program. The company's existing authorization allows it to buy back up to $30 million of its American depositary shares (ADS) or Class A ordinary shares during the 12 months beginning December 12, 2025.

According to Canaan, its market capitalization is currently below the combined value of its digital asset holdings and cash equivalents. The company's treasury contains approximately $130 million worth of digital assets as of August 3, with a mix of Bitcoin (BTC) and Ethereum (ETH).

Canaan produced 64 BTC in June and increased its Bitcoin holdings by 49 units from the previous month. Chairman and CEO Nangeng Zhang stated that the company's mining operations continue to generate new capital.