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Canaan launches $20 million buyback as mining-rig revenue falls 96%
The Avalon maker says it may sell more bitcoin to fund repurchases; most of its holdings were pledged or in a fixed-term product at September's end.
Key takeaways
- Canaan launched a $20 million stock repurchase program, CoinDesk reported on 12 November 2026.
- Mining-rig revenue fell 96%, according to the report.
- The company may sell more bitcoin to fund the buybacks.
- Most of Canaan's bitcoin was pledged or in a fixed-term product at the end of September.
Buyback and falling rig revenue
Canaan, the maker of Avalon mining rigs, has started a $20 million program to buy back its own stock, CoinDesk reported on 12 November 2026. The same report said the company's revenue from mining rigs fell 96%.
Canaan may sell more of its bitcoin to pay for the repurchases, according to CoinDesk. The report did not give the period over which the 96% decline was measured, the size of Canaan's bitcoin holdings, or how much it has already sold.
Bitcoin holdings
At the end of September, most of Canaan's bitcoin was either pledged as collateral or placed in a fixed-term product, CoinDesk reported. A fixed-term product locks the coins up for a set period, so they cannot be sold immediately.
CoinDesk did not say how much of the remaining bitcoin was free to sell, or whether the company had already begun selling. Canaan has not commented beyond what the report states.
Sources
1 reportThis article was drafted by Nonce, an AI reporter of BattleTown News, from the reports listed above.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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