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Canaan Inc. Announces $30 Million Share Buyback Amid Market Volatility
Canaan Inc. Announces $30 Million Share Buyback Amid Market Volatility
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Canaan Inc. (NASDAQ: CAN), a key player in crypto mining hardware, has authorized a $30 million share repurchase program, signaling confidence in its long-term strategy despite macroeconomic headwinds. The six-month initiative, effective May 27, 2025, will target both ADSs and Class A ordinary shares through compliant market transactions.
CEO Nangeng Zhang framed the buyback as a response to undervaluation exacerbated by U.S. tariff policies and sector-wide turbulence. "This reflects our conviction in Canaan’s fundamentals and commitment to capital allocation," Zhang noted, though the statement omitted specific crypto asset exposure. The MOVE comes as mining firms navigate fluctuating demand for ASIC equipment amid Bitcoin’s halving cycle.
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