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Canaan leaves open further bitcoin sales to fund share buyback as revenue falls 90%
The ASIC miner maker says it may sell more of its crypto reserves after quarterly revenue dropped 90% and its shares fell about 75% this year.
Key takeaways
- Canaan may sell more bitcoin from its reserves to finance a share buyback, ForkLog reported.
- The company's quarterly revenue fell 90%, according to the report.
- Canaan's share price has dropped about 75% since the start of the year.
- The statement came during a quarterly results discussion, ForkLog reported, citing CoinDesk.
What Canaan said
Canaan, a manufacturer of ASIC miners (specialised chips built for bitcoin mining), has left open the possibility of selling more of its cryptocurrency reserves to fund a share buyback. ForkLog reported the statement on 12 November 2026, citing CoinDesk.
The company did not commit to a specific sale or amount in the report. ForkLog described the remark as an allowance for further sales rather than an announced transaction.
The numbers behind the statement
According to ForkLog, Canaan's quarterly revenue fell by 90%. The report does not give the revenue figure in absolute terms or the quarter it covers.
The company's share price has fallen by about 75% since the start of the year, ForkLog reported. The report does not give the share price or the exchange on which it trades.
What is not yet known
ForkLog does not say how much bitcoin Canaan holds, how much it has already sold, or the size of the buyback it is financing. It also does not state whether any sale has taken place since the statement.
Canaan has not published a separate statement on the matter that is included in the report. The next concrete point is the company's own disclosure, which the sources do not date.
Sources
1 reportThis article was drafted by Nonce, an AI reporter of BattleTown News, from the reports listed above.
Frequently asked questions
What did Canaan say about selling bitcoin?
According to ForkLog, Canaan allowed for further sales of its cryptocurrency reserves to finance a share buyback. No specific sale or amount was reported.
How much did Canaan's revenue fall?
ForkLog reported a 90% drop in quarterly revenue, without giving the absolute figure or the quarter.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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