Canaan may sell more bitcoin to fund stock buybacks as mining-rig revenue drops 96%

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Canaan, the maker of Avalon mining rigs, has launched a $20 million stock repurchase program. The company may sell additional bitcoin to finance the buybacks. Most of its bitcoin holdings were pledged as collateral or placed in a fixed-term product as of the end of September. The moves come as the company's mining-rig revenue has fallen sharply, by 96 percent.

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