Canaan to Buy Back Up to $20M in Shares to Drive Value for Shareholders
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Bitcoin mining hardware manufacturer Canaan is planning to bring more value to its shares after the company captured the strongest quarterly sales in its operating history. The company said in a press release its board of directors has allowed to buy back up to $20 million worth of its ADSs shares. Canaan plans to complete the repurchase program over the next 12 months starting from September 20, 2021.

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"Given our robust business performance in 2021 to date and encouraging outlook, we believe our current valuation does not fully reflect the growth potential of the company," said Canaan CEO, Nangeng Zhan.

BitMEX Research: Only 2 to 3 ASIC Manufacturers Will Survive in Long-Term

The share repurchase program comes after the Chinese ASIC manufacturer announced it had realized the strongest quarterly sales of $167.5 million. Despite regulatory uncertainty triggered by China, the company has reportedly achieved record-high topline results as it delivered a 5.9 million Thash/s of computing power to its clients.

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