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Benzinga
Benzinga
Business
Henry Khederian

Why Bitcoin- And Ethereum-Related Stock Canaan Is Skyrocketing

CAN Canaan Canaan Inc

Canaan Inc - ADR (NASDAQ:CAN) shares are trading higher by 35.8% at $4.70 after the company announced a $100 million buyback.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "We 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. Given the strong fundamentals and cash position of the company, we would like to allocate additional capital to drive value for our shareholders."

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