BTC Miner Maker Canaan to Buyback $10 Million Worth Shares

Canaan Creative, a NASDAQ-listed Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining company, has announced its share buyback program today, as it aims to repurchase up to $10 million worth ordinary shares over the next 12 months.

“Under the share repurchase program, the Company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades, or any combination thereof,” the SEC filing stated.

“In addition, Canaan will also effect repurchase transactions in compliance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and its insider trading policy.”

The Crypto Mining Crypto Mining Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Read this Term company will initiate the buyback program on September 22. Additionally, it detailed that the number of stocks to be repurchased and the timing will be decided based on factors like price and market conditions, among others.

Was Listing Stocks Publically a Wrong Decision?

Canaan is one of the top Bitcoin mining ASIC manufacturers and sells Avalon-branded miners.

Though based in China, the company went public in the United States market last November, but that turned out to be a bust. Then, the company raised $90 million as the market priced the shares at the bottom of the offering range.

Furthermore, the publicly listed shares of the company are performing very poorly as their value went down by 78.6 percent from the initial listing price. Canaan shares closed at $1.92 apiece after Monday’s trading hours and the company has a market value of $300.82 million.

The poor market performance of the company can be justified by looking at its declining business. In the latest financial disclosure, Canaan revealed that its revenue decreased by 26.3 percent year-on-year in the second 2020 quarter, but, on a positive note, business jumped 160.9 percent quarter-on-quarter.