Canaan can use crypto to buy back nearly 20% of its market value while its core business burns cash
Canaan opened a new funding channel for its share buyback program by allowing management to sell part of its roughly $130 million digital asset treasury. The move could support per-share value, but it would also reduce liquidity for a business still posting losses. The Aug. 4 SEC filing said crypto proceeds can be used under an existing repurchase authorization, but it did not disclose whether any treasury sale or buyback has occurred. The buyback program began Dec. 12, 2025, with a 12-month cap of $30 million. By May 19, Canaan had spent about $2 million repurchasing roughly 2.8 million ADSs. The company’s market value was about $144.7 million intraday on Aug. 4, versus roughly $173.5 million in reported cash plus digital assets, implying a discount of about 20% before liabilities and restrictions. Canaan remains loss-making, with a Q1 gross loss of $22.9 million and operating loss of $54.3 million.
