Canaan Inc. (CAN), a Chinese technology company, on Wednesday said its board of directors has approved a share repurchase program of up to $30 million.
Under the program, the company may buy back its American depositary shares, each representing 15 Class A ordinary shares, or Class A ordinary shares over the next 12 months starting December 12, 2025.
"Compared with our publicly listed Bitcoin mining peers, Canaan's valuation remains at the more conservative end relative to its operating footprint. Against a backdrop of continued macroeconomic and industry volatility, we delivered encouraging improvements in our third-quarter performance, expanded global customer engagement, and enhanced product innovation and mining operations," said Nangeng Zhang, chairman and chief executive officer of Canaan.
Canaan's previous share repurchase program, announced in May 2025 for up to $30 million over six months, expired recently. Under that program, the company repurchased 6,586,413 ADSs for a total of approximately $4.9 million.
Canaan shares were trading at $0.84 Wednesday morning, up 6%.
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