Canaan Initiates $10 Million Share Repurchase Program
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The China-based cryptocurrency miner producer Canaan Inc. has announced a $10 million share repurchase program.

According to an official press release, the company plans to repurchase its American depositary shares at market prices, privately negotiated transactions, block trades or any combination thereof.

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The company’s board of directors will also review the share repurchase program periodically, and may authorize adjustment of its terms and size.

Earlier, Canaan published the financial results for the second quarter of 2020. According to the report, Canaan recorded revenue growth over the previous quarter and the same period in 2019.

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Hence, net losses recorded during the second quarter amounted to $2.38M or $0.1 per share, while during the first quarter the figure stood at $5.64M or $0.24 per share.

In June, the company's shares fell below $2 for the first time.

According to Aries Wang, Co-Founder of the crypto exchange Bibox, this drop was related to the decline in demand for mining equipment during the months before the bitcoin halving, which took place in May this year.

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