Canaan sells its remaining ether holdings and directs cash toward buybacks

Canaan ($CAN) mined 44 bitcoin during its latest monthly reporting period and ended it with 1,868 BTC. The company sold all 3,952 ether in its treasury, together with 54 bitcoin, generating approximately $13.9 million. Average selling prices were about $2,400 per ether and $79,000 per bitcoin. The transactions leave Canaan without an ether balance while maintaining a substantial bitcoin holding.

Part of the proceeds supported $13.6 million in American depositary share repurchases, bringing year-to-date repurchases to $16.4 million. Canaan also reported progress installing equipment for its Canadian heat-recovery project. Its installed mining-capacity figure includes paused Ethiopian facilities and should not be mistaken for fully operating capacity. This is a monthly operating and treasury update, not a new quarterly earnings release.

Sources:

• Canaan — bitcoin production and mining update