Canaan Inc. (NASDAQ: CAN), a leading manufacturer of ASIC mining hardware, announced on August 4, 2026 that its board has authorized management to liquidate a portion of its digital asset treasury. The proceeds will be used to fund repurchases of its American depositary shares (ADSs) under an existing share repurchase program, which allows up to $30 million in buybacks. This move comes as the company believes its market capitalization undervalues its business, trading below the combined worth of its digital assets and cash.
According to the company’s June 2026 operational update, Canaan held digital assets with an approximate market value of $130 million as of August 3, 2026. CEO Nangeng Zhang emphasized that ongoing bitcoin mining provides a flexible source of capital that can be deployed selectively. He stated, "At current trading levels, we believe Canaan’s market value does not fully reflect the value of our digital asset holdings, cash position, and the strength of our underlying business."
Following the announcement, Canaan’s shares surged nearly 9% on Nasdaq, signaling investor approval. The repurchase program remains valid until December 2026, with the pace depending on market conditions and the company’s financial status. This disciplined approach balances active treasury management with Canaan’s long-term commitment to holding a strategic digital asset reserve.
