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.
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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.
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CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
