Canaan, a Nasdaq-listed Bitcoin miner, has authorized management to liquidate a portion of its $130 million crypto treasury to fund share repurchases, while another mining firm, American Bitcoin, disclosed that nearly 40% of its 8,002 BTC reserve is restricted under agreements with Bitmain.
Canaan held 1,915 BTC and 3,952 ETH as of the end of June, with the combined portfolio valued at roughly $130 million based on Aug. 3 prices. The board approved monetizing part of these holdings to buy back American depositary shares (ADSs) under an existing $30 million program that runs until Dec. 2026. No specific amount or timeline for crypto sales has been disclosed, and the company emphasized that any transactions would depend on share price, market conditions, and board approval. As of May 19, only $2 million of the $30 million authorization had been spent, repurchasing 2.8 million ADSs. Canaan’s ADSs were trading near $0.19 on Aug. 6, far below Nasdaq’s $1 minimum, with a compliance deadline of Jan. 11, 2027.
Meanwhile, American Bitcoin reported mining 932 BTC in Q2 and held 8,002 BTC by June 30. However, 3,090 BTC (38.6%) are classified as restricted under Bitmain miner-purchase agreements, with a related liability of $371.7 million. The firm’s cash-flow statement reveals that first-half operations and digital-asset purchases consumed $129.1 million, largely covered by $144.1 million in net proceeds from at-the-market share sales. Despite a GAAP net loss of $57.2 million driven by a $71.2 million digital-asset fair-value loss, the implied BTC per share increased 10.52% after the July reverse split.
Both stories highlight contrasting approaches to treasury management among Bitcoin miners: Canaan is converting crypto into equity support, while American Bitcoin’s reserve remains heavily encumbered by hardware financing commitments.
