Ethereum
Canaan Liquidates Entire 3,952 Ether Position to Repurchase Nasdaq Shares
Mining firm Canaan fully exited its Ethereum holdings, raising $9.5 million as part of an asset sale to fund a buyback of its US-listed shares.
Crypto mining hardware manufacturer Canaan fully liquidated its 3,952 Ether holdings at the end of August at an average price near $2,400 per token, generating approximately $9.5 million. The firm also sold 54 Bitcoin for roughly $4.3 million, bringing total liquidation proceeds to $13.9 million.
Proceeds were partially deployed into a $5.4 million buyback of 13.6 million Nasdaq-listed American Depositary Shares at an average price of roughly 40 cents per share. Following the transaction, Canaan held zero Ether on its balance sheet while retaining 1,868 Bitcoin valued at roughly $146 million at month-end.
The company, known for its Avalon mining hardware and ASIC chip designs, did not provide a specific reason for liquidating 100% of its Ether while preserving the bulk of its Bitcoin. Canaan generated 44 BTC from its proprietary mining operations in August and confirmed plans to maintain its strategic digital reserve.
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