Canaan can use crypto to buy back nearly 20% of its market value while its core business burns cash

Bitcoin mining machine manufacturer Canaan has opened a new funding channel for share buybacks, allowing management to sell part of its roughly $130 million digital asset treasury.

That lever could support per-share value, but pulling it would shrink the reserve available to a loss-making Bitcoin mining and hardware business.

The Aug. 4 SEC-filed announcement lets management use crypto proceeds under an existing buyback program. Execution remains undisclosed on both sides of the trade, from any treasury sale to any subsequent repurchase.

The program began on Dec. 12, 2025, with a 12-month ceiling of $30 million for ADS or Class A ordinary share repurchases. By May 19, Canaan had spent approximately $2 million to buy back about 2.8 million ADSs, according to its first-quarter results.

Simple subtraction puts the nominal capacity at about $28 million as of May 19. The Aug. 4 release left out the newer repurchase total, so the current unused authorization remains unknown.

At 2:55 p.m. EDT on Aug. 4, StockAnalysis data sourced to S&P Global Market Intelligence valued Canaan at $144.7 million. Combine the company's approximately $130 million digital asset estimate at Aug. 3 prices with its separately reported March 31 cash balance of $43.5 million, and the gross sum reaches $173.5 million.

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