Canaan turns to Bitcoin holdings as mining machine sales fall 96%

Canaan is launching a $20 million share buyback after its Bitcoin mining machine sales fell 96%, and it will lean on its crypto holdings to fund the repurchases. The collapse in hardware demand signals deep stress across mining equipment vendors, while using Bitcoin reserves for buybacks reduces the company's crypto exposure. Traders should watch whether other miners follow with reserve sales, which could add supply pressure on BTC.