Bitcoin Mining Equipment Maker Canaan Sets $10M Buyback Program
Bitcoin mining machines (Michal Bednarek/Shutterstock)
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.
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
