bitcoin ·
Canaan may sell Bitcoin for stock buybacks as mining-rig revenue drops 96%
Most of the Avalon maker's bitcoin reserves were either collateralized or held within a fixed-term investment vehicle by the close of September, coinciding with the firm initiating a $20 million…
Most of the Avalon maker's bitcoin reserves were either collateralized or held within a fixed-term investment vehicle by the close of September, coinciding with the firm initiating a $20 million share repurchase initiative.
This development comes as the revenue generated from its mining apparatus has experienced a dramatic decline of 96%.
The initiation of this buyback program by the Avalon maker suggests a strategic deployment of capital amidst shifting operational economics. This action reflects a broader trend among market participants in managing asset utilization and corporate treasury strategies within the evolving digital asset landscape.
