Nasdaq-listed Bitcoin mining machine manufacturer Canaan announced on the 4th that it plans to sell some of its cryptocurrency holdings to repurchase its own shares. Canaan plans to use the proceeds from the sale to purchase American Depositary Shares (ADS) approved by the board of directors in December 2025. The company may sell additional cryptocurrencies in the future, considering future stock prices, market conditions, and funds required for company operations. As of August 3rd, Canaan's cryptocurrency holdings were valued at approximately $130 million. The company explained that its current market capitalization is lower than the combined value of its cryptocurrency holdings and cash equivalents.
