Canaan Launches $20M Share Buyback Using Crypto Treasury as Equipment Sales Plunge

Canaan has launched an initial $20 million share buyback program under a wider $100 million board authorization, intending to monetize cryptocurrency holdings to support repurchases and balance sheet operations. The move comes as third-quarter mining equipment sales plummeted 96% year-over-year to $4.8 million, down from $118.6 million. Despite posting a $42.9 million operating loss, crypto and derivative revaluations generated an $8 million net profit. The company previously sold 3,952 ETH and 54.5 BTC for $13.9 million, deploying $5.4 million into repurchases, and held 1,875.5 BTC at quarter-end.