Canaan has authorized management to monetize a portion of its digital asset treasury to finance repurchases of its American depositary shares.

The purchases will be conducted under Canaan’s existing share repurchase program, which allows the company to buy back up to $30 million of its ADSs or Class A ordinary shares during the 12 months beginning December 12, 2025. Each ADS represents 15 Class A ordinary shares.

Canaan said the amount and timing of any additional repurchases will depend on its share price, market conditions, working capital requirements and other considerations. The transactions will remain subject to board oversight and the limits of the existing authorization.

The Bitcoin mining hardware manufacturer said its market capitalization was below the combined value of its digital asset holdings and its cash and cash equivalents reported as of March 31.

Canaan held digital assets worth approximately $130 million based on market prices as of August 3. Its treasury contained 1,915 BTC and 3,952 ETH at the end of June, according to the company’s latest monthly mining update.

Canaan produced 64 BTC during June and increased its Bitcoin holdings by 49 BTC from the previous month. Its Ether holdings remained unchanged.

Chairman and CEO Nangeng Zhang said the company’s mining operations continue to generate Bitcoin that can be used as a source of capital. He said Canaan does not believe its current market value reflects its digital asset holdings, cash position and underlying business.

Canaan shares rose around 9% during Tuesday trading following the announcement.

The renewed repurchase program was announced in December 2025 and expires in December 2026. The authorization does not require Canaan to repurchase a specific number of shares or use the full $30 million.