Canaan, a Bitcoin mining machine manufacturer, has received authorization to sell part of its roughly $130 million cryptocurrency treasury to fund share buybacks. The combined value of its crypto reserves and cash reaches $173.5 million, representing approximately 19.9% above its current market capitalization of $144.7 million. The company posted significant losses, including a net loss of $88.7 million in the first quarter, raising questions about whether using reserves for share buybacks is prudent given its loss-making operations. No transaction has been disclosed so far.
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