Share this article
Bitcoin Mining Equipment Maker Canaan Sets $10M Buyback Program
The board of directors of bitcoin mining manufacturer Canaan approved a buyback program Monday for its lagging shares.
Updated Sep 14, 2021, 9:53 a.m. Published Sep 8, 2020, 4:28 p.m. 1 min read
Canaan, a maker of equipment for the mining of bitcoin, announced on Tuesday its board of directors has approved a share repurchase program of up to $10 million, or about 3.3% of outstanding shares.
- Based in China but listed on the Nasdaq exchange last year, Canaan’s shares have consistently traded below their initial public offering price of about $9 a share, and currently trade for less than $2.
- Canaan said it will repurchase up to $10 million worth of its American depositary shares (each ADS represents 15 Class A shares) and/or Class A shares directly over a 12-month period starting Sept. 22.
- Canaan said it plans to finance the buyback using its existing cash balance.
More For You
"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.
What to know:
- Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
- As part of the deal, Trump said, the Strait of Hormuz will be reopened.
Top Stories
