Canaan can use crypto to buy back nearly 20% of its market value while its core business burns cash

Canaan, a cryptocurrency mining equipment manufacturer, has received authorization to use its crypto reserves to buy back shares worth nearly 20% of the company's market value, despite its core business operating at a significant loss. This share buyback strategy represents a desperate attempt to prop up stock value while the company faces operational and cash flow challenges. The actual execution capacity and available liquidity remain unclear, raising questions about the long-term sustainability of Canaan's business model in the volatile cryptocurrency market.
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