{"id":2682,"date":"2022-03-18T00:41:59","date_gmt":"2022-03-18T00:41:59","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2682"},"modified":"2022-03-18T00:42:00","modified_gmt":"2022-03-18T00:42:00","slug":"asic-mining-rig-manufacturer-canaan-reveals-100-million-stock-buyback-program","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2682","title":{"rendered":"ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The application-specific integrated circuit (ASIC) manufacturer Canaan has revealed the firm is offering a stock buyback for up to $100 million. Canaan\u2019s chairman and CEO Nangeng Zhang highlighted in a U.S. Securities and Exchange Commission (SEC) filing that the move was due to issues with \u201crecent international frictions\u201d and \u201cdomestic quarantine measures for Covid-19 control.\u201d<\/strong><\/p>\n<h2>International Conflict and Covid-19 Lockdowns Push Canaan to Launch a $100 Million Stock Buyback<\/h2>\n<p>On March 16, the bitcoin mining rig manufacturer Canaan published a filing with the SEC that explains the firm is initiating a stock buyback worth $100 million. Under the repurchase program, Canaan will purchase American depositary shares that reflect Class A shares via open market transactions and privately negotiated transactions.<\/p>\n<p>Canaan\u2019s CEO Nangeng Zhang revealed why the company chose to proceed with a stock buyback, highlighting international conflict and the current Covid-19 quarantines taking place in China. During the last two weeks, China has been dealing with a Covid-19 outbreak, and Hangzhou, the sub-provincial city where Canaan is headquartered, has been on lockdown for over a week.<\/p>\n<p>\u201cWe noticed that the recent international frictions, the domestic quarantine measures for Covid-19 control, and macro factors across the capital market have adversely impacted our stock performance,\u201d Canaan\u2019s CEO said. \u201cGiven the strong fundamentals and cash position of the company, we would like to allocate additional capital to drive value for our shareholders.\u201d<\/p>\n<p>At the time of writing, Canaan\u2019s shares are swapping for $4.64 per share after touching an all-time high value on March 12, 2021, at $34.63 per share. Percentage-wise, Canaan\u2019s shares saw a large 86.60% drop in USD value in just over a year. Following Canaan\u2019s stock buyback announcement, Canaan\u2019s shares jumped 2.42% higher in value.<\/p>\n<p>\u201cThis new share repurchase program demonstrates our confidence in the company\u2019s long-term outlook,\u201d Nangeng Zhang\u2019s announcement concluded. \u201cWe remain committed to our diligent and agile operations, and believe that we are able to overcome the challenges and make greater achievements.\u201d<\/p>\n<p>Tags in this story<\/p>\n<p>Bitcoin, Bitcoin (BTC), Bitcoin mining, BTC, Canaan CEO, Canaan Miners, Canaan Shares, China, COVID-19, International Conflict, Lockdowns, mining, mining rigs, Nangeng Zhang, Repurchase Shares, SHA256 miners, Shares Repurchase, Stock Buyback, stocks<\/p>\n<p><em><strong>What do you think about Canaan initiating a stock buyback program for $100 million? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n<p>Jamie Redman <\/p>\n<p class=\"article__body__author__info__about\">\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.<\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/asic-mining-rig-manufacturer-canaan-reveals-100-million-stock-buyback-program\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The application-specific integrated circuit (ASIC) manufacturer Canaan has revealed the firm is offering a stock buyback for up to $100 million. Canaan\u2019s chairman and CEO Nangeng Zhang highlighted in a U.S. Securities and Exchange Commission (SEC) filing that the move was due to issues with \u201crecent international frictions\u201d and \u201cdomestic quarantine measures for Covid-19 control.\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2682"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2682\/revisions"}],"predecessor-version":[{"id":2684,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2682\/revisions\/2684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2683"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}