Canaan may sell more bitcoin for stock buybacks as mining-rig revenue falls 96%
Summary
Canaan is considering additional bitcoin sales to fund share repurchases as its revenue from manufacturing mining rigs experiences a massive decline. The company recently initiated a multimillion-dollar buyback program, though the majority of its cryptocurrency reserves were already committed elsewhere at the end of the third quarter.
The Avalon maker has launched a $20 million repurchase program, while most of its bitcoin holdings were pledged or placed in a fixed-term product at September’s end.
Source: Read the full story at CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
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