Canaan Technology Announces Up to $100 Million Share Repurchase Program

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Today’s Cryptocurrency Headline

High-performance computing solutions provider Canaan Inc. (NASDAQ: CAN) announced that its board of directors had authorized a stock repurchase program under which the company can return Purchase of outstanding American Depositary Shares (ADS) valued at up to $100 million, each representing 15 Class A ordinary shares, and/or Class A ordinary shares for the next 24 months beginning March 16, 2022. 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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The US Federal Reserve raises interest rates for the first time since 2018. The Fed raises rates by 0.25 percentage points from near zero as the central bank struggles with inflation and the war in Ukraine and Covid, which has met the market expectations. As a result, BTC surged above the $41,000 price level alongside the traditional financial market. The price has closed above the 20-day exponential moving average, and the relative strength indication moved above the midpoint, suggesting that the bulls now have the upper hand. If bulls sustain the price above the 20-day EMA, the BTC/USDT pair could rally to the $45,000 price level.

 

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