Bitcoin Mining Equipment Maker Canaan Sets $10M Buyback Program

Sep 8, 2020 at 16:28 UTC

Bitcoin mining machines (Michal Bednarek/Shutterstock)

Canaan, a maker of equipment for the mining of bitcoin, announced on Tuesday its board of directors has approved a share repurchase program of up to $10 million, or about 3.3% of outstanding shares.

• Based in China but listed on the Nasdaq exchange last year, Canaan’s shares have consistently traded below their initial public offering price of about $9 a share, and currently trade for less than $2.
• Canaan said it will repurchase up to $10 million worth of its American depositary shares (each ADS represents 15 Class A shares) and/or Class A shares directly over a 12-month period starting Sept. 22. 
• Canaan said it plans to finance the buyback using its existing cash balance. 

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