Canaan may sell crypto to fund buybacks worth about 20%
Canaan authorized using part of its roughly $130 million digital-asset treasury to fund share repurchases under a 12-month, $30 million buyback program; no sales were disclosed.
The Aug. 4 SEC filing allows Canaan to use proceeds from digital-asset sales to fund its repurchase program that began Dec. 12, 2025 and carries a 12-month ceiling of $30 million for American depositary shares or Class A ordinary shares.
The company’s first-quarter report said it had spent about $2 million by May 19 to repurchase roughly 2.8 million ADSs, leaving a nominal remaining authorization of about $28 million as of that date. The Aug. 4 filing did not report any additional repurchases.
At 2:55 p.m. EDT on Aug. 4 the company’s market value was $144.7 million. Combining an estimated $130 million in digital assets at Aug. 3 prices with the March 31 cash balance of $43.5 million yields a gross total of about $173.5 million, roughly $28.8 million, or 19.9%, above market value.
That calculation uses figures from different dates and excludes liabilities and asset restrictions; it is an indicative comparison rather than a same-date net-asset valuation.
Canaan reported $43.5 million in cash against $106.4 million in current liabilities at March 31, down from $80.8 million in cash at year-end. The company had pledged 905 BTC as collateral for secured term loans and placed 100 BTC in a fixed-term product as of that date.
A June operating update listed 1,915 BTC and 3,952 ETH on the balance sheet as of June 30, including receivables and excluding customer deposits. The Aug. 4 announcement did not identify which assets would be sold or how many coins might be used for buybacks.
Canaan’s May financial update recorded a first-quarter gross loss of $22.9 million, an operating loss of $54.3 million and a net loss of $88.7 million. The company reported second-quarter revenue in a range of $35 million to $45 million, in line with guidance.
The Aug. 4 filing authorized potential crypto sales to support the repurchase program but disclosed no specific treasury sales or new repurchase transactions. The timing, size and liquidity impact of any asset sales remain unclear.
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