Canaan Execs Plan to Buy $2 Million Worth of Company Shares

IconCrypto News Terminal23 Apr, 2024

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Canaan Execs Plan to Buy $2 Million Worth of Company Shares

Canaan CEO and Chairman Nangeng Zhang and Director Jianping Chen are planning to purchase $2 million worth of the company's shares, according to a recent Securities and Exchange Commission (SEC) filing. The move comes as the cryptocurrency mining industry faces headwinds due to falling cryptocurrency prices and rising energy costs. Canaan, a leading provider of cryptocurrency mining machines, has seen its share price decline significantly in recent months. Despite the challenges, Zhang and Chen remain optimistic about the long-term prospects of the cryptocurrency mining industry. They believe that the recent downturn is a temporary setback and that the industry will eventually recover. Previously on 22 April 2024 - "Canaan reports a 25% decline in revenue amidst the crypto winter"

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