Canaan to fund share buybacks by selling part of bitcoin holdings

Canaan Inc. (NASDAQ: CAN) said it has authorized management to sell a portion of its digital asset treasury to fund repurchases of its American depositary shares under a share repurchase program approved by its board of directors on December 12, 2025.

The Singapore-based company said further repurchases using digital asset proceeds will depend on the trading price of its ADSs, prevailing market conditions, and working capital requirements, and will remain subject to board oversight and the limits of the existing authorization.

As of August 3, 2026, Canaan held digital assets with an approximate market value of $130 million, based on its June 2026 monthly production and mining operation update. The company said it is currently trading below the combined value of its digital asset holdings and cash and cash equivalents as reported on March 31, 2026.

"Our operations continue to generate bitcoin, providing us with a flexible source of capital that we can deploy selectively and with discipline," said Nangeng Zhang, chairman and chief executive officer of Canaan. "At current trading levels, we believe Canaan's market value does not fully reflect the value of our digital asset holdings, cash position, and the strength of our underlying business."

Canaan, founded in 2013, designs ASIC high-performance computing chips and produces cryptocurrency mining equipment. The company completed its initial public offering on the Nasdaq Global Market in 2019.

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