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Canaan liquidates ETH and BTC to fund stock buybacks
In August, the bitcoin miner sold its entire 3,952 ETH position and 54 BTC, generating about $13.9 million in proceeds used for ADS repurchases.
Canaan Inc. used part of its digital asset holdings to support shareholder buybacks, according to data shared for August 2026, as weaker conditions in bitcoin mining and related products weighed on the business outlook. The company said it mined 44 BTC during the month and kept a non-joint-venture installed hashrate of 10.05 EH/s, while its joint venture hashrate stood at 4.92 EH/s at month end.
Canaan also described progress on its compute heat recovery greenhouse project in Canada, with equipment installation under way ahead of the winter heating season. The company framed a major initiative as converting a portion of its digital asset treasury into shareholder value, monetizing holdings in what management characterized as relatively favorable market conditions.
In late August, Canaan liquidated its entire 3,952 ETH position at roughly $2,400 per ethereum, and it sold 54 bitcoins for about $79,000 per BTC. Combined cash proceeds from the sales totaled approximately $13.9 million, with Canaan using about $5.4 million to buy back 13.6 million American Depositary Shares, which it said reflects confidence in its strategy.
Despite the sales, Canaan still held 1,868 BTC as of the end of August. The company flagged key risks including bitcoin price volatility, potential delays to the greenhouse installation timeline, reduced cash flexibility from ongoing ADS repurchases, and margin pressure from rising energy costs.
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