Canaan sells entire ETH position and 54 BTC, buys back 13.6M shares

Canaan's move reads less as a bet on ether than as a balance-sheet repair: converting a liquid treasury asset into an equity buyback signals that management sees more value in shrinking its share count than in holding crypto exposure. For a miner whose production is already slipping relative to peers, that is a defensible but revealing prioritization — it shifts the company's fortunes further toward its hardware business and away from any treasury-asset upside. The open question is whether other listed miners follow with similar buybacks, or whether this remains a one-off response to weak operations.