<p><span style="font-weight: 400;">Canaan, one of the largest bitcoin mining hardware makers, announced a stock buyback program of up to $100 million.</span></p> <p><span style="font-weight: 400;">The company said </span><a href="https://www.sec.gov/Archives/edgar/data/0001780652/000119312522076851/d286287dex991.htm"><span style="font-weight: 400;">in a statement</span></a><span style="font-weight: 400;"> that stock performance had been impacted by “international frictions,” quarantine measures due to the COVID-19 pandemic, and "macro factors across the capital market."</span></p> <p><span style="font-weight: 400;">"Given the strong fundamentals and cash position of the Company, we would like to allocate additional capital to drive value for our shareholders," said chairman and CEO Nangeng Zhang.</span></p> <p><span style="font-weight: 400;">After the announcement on Tuesday morning, Canaan stocks soared over 30% on the NASDAQ from the market open, </span><a href="https://www.bloomberg.com/quote/CAN:US"><span style="font-weight: 400;">according to Bloomberg</span></a> market data<span style="font-weight: 400;">. CAN's stock is currently trading hands at $4.67.</span></p> <p><span style="font-weight: 400;">As per Canaan, the company may buy American depositary shares, each representing 15 Class A ordinary shares, and Class A ordinary shares over the next 24 months, starting from March 16. </span><span style="font-weight: 400;">The company had announced a previous buyback program in September 2021.</span></p> <p>In a <a href="https://www.sec.gov/Archives/edgar/data/0001780652/000119312522076854/d286269dex991.htm">separate statement</a>, Canaan said that first-quarter revenues might be impacted by logistics delays stemming from COVID-19 quarantine measures in China. On Monday, a five-day lockdown was announced in the city where the company’s operations are based. </p>