27-05-2025
Crypto Mining Stock Surges Following Share Repurchase Program Announcement
A Chinese company that operating in the digital blockchain computing and crypto mining industry is stealing the show so far during Tuesday's session after the company announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to $30 million worth of outstanding ADSs and/or class A ordinary shares, over the next six months starting from May 27,2025, according to a press release.
Traders rushed to scoop up shares of Canaan Inc. (Nasdaq:CAN) following the news, pushing the small cap up to $0.7301/share (+15.23%) at the early session high. This move could be the start of a potential breakout from the multi-month downtrend this stock has been stuck in since the end of last year.
Canaan Inc is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain. The equipment manufactured by Canaan is sold to many countries including China, the United States, Hong Kong, and other foreign countries. It derives a vast majority of the revenue from China. Its product includes Kanzhi Al and Avalon Mining Machine.
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