Canaan May Sell More Bitcoin for Stock Buybacks as Mining Rig Revenue Plunges 96%
Key Highlights Canaan launched a $20 million share buyback using cryptocurrency holdings amid a sharp collapse in mining-machine revenue. The Bitcoin mining-equipment maker’s hardware revenue fell 96% year over year to $4.8 million in the third quarter. Canaan shares have declined about 75% this year, while its cryptocurrency treasury remains partly tied up. Canaan Launches ...