Crypto

Bitcoin Hardware Maker Announced Stock Buybacks

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Bitcoin Hardware Maker Announced Stock Buybacks

Canaa is one of the largest bitcoin mining hardware makers. This week they announced a program to buy back up to $100M in new stocks due to the impact of international frictions, Covid-19, and "macro factors across the capital market."

All part of the plan. After the announcement Tuesday morning, Canaan stocks shot up 30% on the NASDAQ. CEO Nangeng Zhang said the program was an effort to use the company's strong cash position to drive value for the shareholders.

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