Canaan to sell Bitcoin and ETH holdings to buy back its own stock, citing market undervaluation

When your company’s Bitcoin stash is worth more than the company itself, something has gone sideways. Canaan Inc., the Nasdaq-listed mining hardware manufacturer, is betting that the market has gotten the math wrong, and it’s putting its crypto where its mouth is. The company announced on August 4 that its board has authorized management to monetize a portion of its digital asset treasury to fund share repurchases. With roughly $130 million in digital assets sitting on its balance sheet as of August 3, Canaan believes its holdings alone exceed its market capitalization. The numbers tell the story Canaan’s digital asset war chest includes 1,915 BTC and 3,952 ETH as of late June and early July. At current prices, that portfolio clocks in at approximately $130 million. The share repurchase program itself isn’t new. The board approved it back on December 12, 2025, authorizing up to $30 million for buybacks of American depositary shares and Class A ordinary shares. What’s new is the funding source: rather than dipping into cash reserves or taking on debt, Canaan plans to sell some of its crypto holdings to finance the purchases. “This decision reflects our disciplined approach to capita...