Crypto
Canaan Sells Digital Assets to Offset Weak Mining Equipment Demand
Canaan Inc. (NASDAQ:CAN) has been working to offset the weak demand for its mining equipment by selling some of its digital assets and using the proceeds to buy back shares.
In August, the company sold 3,952 ETH at a rate close to $2,400 per Ethereum, as well as 54 BTC for roughly $79,000 per BTC. The combined cash proceeds from these sales were approximately $13.9 million.
Canaan used about $5.4 million of the proceeds to buy back 13.6 million American Depositary Shares (ADSs), which management said reflected confidence in the company's strategy.