Canaan adds $20 million buyback as mining hardware sales plunge

Canaan has started a $20 million share-repurchase program and is drawing on its cryptocurrency holdings to support it, according to Crypto.news. The announcement came alongside a 96% decline in sales of Bitcoin mining machines, a sharp contraction that places the buyback against the backdrop of weakening equipment demand and changing capital priorities at the company. The use of crypto assets to finance equity repurchases is the central strategic element of the development. It ties Canaan’s treasury decisions to shareholder returns rather than leaving the holdings as a passive balance-sheet asset. NewsBTC likewise frames the story around the relationship between hardware sales, treasury choices and operating results, presenting those figures as evidence of a broader shift in Canaan’s capital allocation.

The available cross-outlet evidence is uneven. Crypto.news explicitly reports both the $20 million program and the 96% drop, while NewsBTC supports that interpretation without supplying another amount or percentage in the provided summary. CoinCodex’s included summary focuses on a separate Nebius development—its shares fell about 18% after an AI-cloud revenue beat and increased 2026–2027 spending plans—and therefore adds no independent Canaan figure or contradictory claim.

Bitcoin market conditions provide an important backdrop for Canaan’s hardware and treasury exposure. The asset was priced at $71,809, down 3.53% over 24 hours and 5.92% over seven days, while its market capitalization stood at $1.44 trillion. The wider crypto market was broadly lower, with total capitalization at $2.46 trillion and the Fear & Greed index at 28, placing sentiment in Fear. Mempool.space data showed Bitcoin network hashrate at 937 EH/s and difficulty at 148.4T.

Canaan’s response may matter because it shows the company deploying crypto reserves during a period of pronounced weakness in mining-equipment sales. The key items to monitor are whether the buyback is completed, how crypto holdings are allocated as those purchases proceed, and whether subsequent equipment-sales and operating results indicate a durable change in capital priorities. The reported 96% decline establishes the scale of the pressure, but the supplied coverage does not provide the sales value, comparison period or detailed treasury composition needed for further assessment.