Canaan may sell more bitcoin for stock buybacks as mining-rig revenue falls 96%
Summary
Canaan has initiated a twenty million dollar share repurchase program as its mining-rig revenue suffered a severe drop of ninety-six percent. To support this stock buyback initiative, the company might consider selling additional portions of its digital asset reserves.
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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