Canaan's Revenue Craters, Bitcoin Holdings Sold Amid Desperate Efforts

Canaan's financial struggles have deepened, with the company reporting a staggering 68% decline in revenue. Hardware sales plummeted by an astonishing 81%, further exacerbating the situation. Despite sustaining a $29.3 million loss, Canaan is choosing to liquidate its Bitcoin holdings to fund share repurchases for its stock trading at just $0.32.

This move has raised eyebrows among industry observers, who point out that selling BTC to buy back cheap stock represents a stark contradiction of the 'HODL' mentality. However, Canaan insists that their strategy remains unchanged.