Canaan turns to Bitcoin holdings as mining machine sales fall 96%

Bitcoin mining equipment maker Canaan has launched a $20 million share buyback program after its mining-machine revenue fell 96% in the third quarter, with the company planning to use available cash and potentially sell more cryptocurrency to fund purchases. Canaan announced a $20 million initial share buyback under its larger $100 million authorization program. Bitcoin mining equipment revenue fell 96% year over year to $4.8 million during the quarter. Canaan previously sold Bitcoin and Ethereum worth $13.9 million to help finance stock repurchases. The company held 1,875.5 BTC in September, with most pledged or committed to financial products. Canaan reported $8 million in quarterly profit despite recording a $42.9 million operating loss overall.

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