Canaan Converts Crypto Holdings into Share Buybacks Amid Weak Mining Demand
In August 2026, Canaan Inc. (NASDAQ:CAN) mined 44 BTC and maintained a non-JV installed hashrate of 10.05 EH/s while expanding its joint venture operations to 4.92 EH/s. The company liquidated part of its digital asset treasury by selling 3,952 ETH at $2,400 each and 54 BTC for approximately $79,000 per unit, generating around $13.9 million in cash. Canaan used a portion of the proceeds to repurchase 13.6 million American Depositary Shares (ADSs), bringing total buybacks since January 2026 to 16.4 million ADSs. Despite these sales, it still held 1,868 BTC by month-end. The company also advanced its Canadian greenhouse project but faces risks from Bitcoin volatility and potential execution delays. Canaan's core mining-equipment business continued underperforming due to weak demand linked to lower bitcoin prices. Product revenue dropped significantly in Q2 FY2026, falling from $71.9 million a year earlier to just $13.6 million.
Tickers: $CAN
Topics: Bitcoin Ethereum Mining Equipment Demand Stock Buybacks