Canaan announces a $30 million stock repurchase plan

Jinse Finance reported that Nasdaq-listed bitcoin mining company Canaan has announced that its board of directors has approved a new stock repurchase program. The company may repurchase up to $30 million worth of issued American Depositary Shares (ADS) within the next 12 months, with each ADS representing 15 Class A ordinary shares. Canaan had previously launched a stock repurchase program, which has expired and resulted in the repurchase of 6,586,413 ADS, totaling approximately $4.9 million.