Bitcoin
Canaan Sells Ethereum and Minor Bitcoin Holdings to Fund Share Buyback Program
Hardware manufacturer Canaan raised $13.9 million by liquidating its entire Ether position and a small portion of Bitcoin to repurchase shares on Nasdaq.
Mining hardware producer Canaan sold all 3,952 of its Ether tokens and 54 Bitcoin in late August, generating roughly $13.9 million in gross proceeds. The sales were executed at average prices near $2,400 per ether (amounting to $9.5 million) and approximately $79,000 per bitcoin (totaling $4.3 million).
The company directed $5.4 million from the asset sale toward repurchasing 13.6 million American Depositary Shares listed on the Nasdaq, representing an average price of around 40 cents per share. Despite the sale of 54 BTC, Canaan retained 1,868 Bitcoin in its corporate treasury as of August 31, a reserve valued at approximately $146 million to $148 million.
Canaan, which designs ASIC chips and manufactures Avalon mining equipment, also operates its own mining fleet, which produced 44 BTC during August. While the company liquidated its entire Ether position rather than selling assets proportionally, it reaffirmed its commitment to maintaining a digital reserve centered on its core Bitcoin operations.
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