The Bitcoin mining machine maker said its market value has fallen below the combined value of its digital assets and cash disclosed as of March 31, prompting management to fund repurchases under an existing plan.
Canaan has authorized management to monetize part of its digital asset holdings to fund ADS repurchases under its existing share buyback program. The Bitcoin mining machine maker said the move follows a drop in its market value below the combined value of its digital assets and cash disclosed as of March 31. Based on market prices on Aug. 3, the company’s digital asset holdings were valued at about $130 million. The pace of any repurchases will depend on the share price, market conditions and working capital needs, and the company did not disclose how much it plans to liquidate or the size of the buybacks.