Canaan Inc. Unveils $30 Million Share Repurchase Plan Amid Market Challenges

Canaan Inc. (NASDAQ: CAN), a leading company in crypto mining technology, has announced a significant share repurchase program valued at up to $30 million. This move, according to Canaan Inc., highlights the company's strategic efforts to enhance shareholder value amidst the current economic climate.

Details of the Repurchase Program

The board of directors at Canaan has greenlit this ambitious repurchase initiative, which is set to span over six months starting May 27, 2025. The program allows the company to buy back its American depositary shares (ADSs), each representing 15 Class A ordinary shares, and/or the Class A ordinary shares themselves. These transactions will occur through open market operations, privately negotiated deals, or block trades, adhering to the Securities Exchange Act of 1934 and Canaan's insider trading policy.

Strategic Rationale Behind the Buyback

Nangeng Zhang, Canaan's chairman and CEO, emphasized the undervaluation of the company's shares due to recent market conditions, including macroeconomic volatility and new tariffs imposed by the U.S. government. Zhang stated, "Our decision to initiate this share repurchase program is a proactive step to protect shareholder value while demonstrating our confidence in the Company’s strategic direction." Despite these challenges, Canaan remains committed to its strategic plan, focusing on technological innovation and preparing for a recovery in the bitcoin mining sector.

Repurchase Program Execution

The execution of this repurchase program will depend on various factors such as stock price, trading volume, and market conditions. Canaan plans to fund these repurchases using its existing cash reserves, and the program will be periodically reviewed by the company’s board and management to adjust its terms and scope as necessary.

Company Background

Founded in 2013, Canaan Inc. is renowned for its expertise in ASIC high-performance computing chip design and production, particularly within the cryptocurrency mining industry. The company made history by introducing the first ASIC-based bitcoin mining machines under the Avalon brand. In 2019, Canaan went public on the Nasdaq Global Market, marking a significant milestone in its corporate journey.

For further details, the official announcement can be accessed on [Canaan Inc.](https://www.prnewswire.com/news-releases/canaan-inc-announces-up-to-us30-million-share-repurchase-program-302465547.html).