Canaan can use crypto to buy back nearly 20% of its market value while its core business burns cash

- Canaan’s core business is bleeding cash like a punctured hull, so management decided to monetize the digital life support system. They can now sell crypto from their $130M treasury to buy back nearly 20% of their market cap. It’s a classic meat wallet maneuver: shrink the reserve to prop up the stock price while the ASIC hardware division burns through liquidity. The SEC filing authorizes the sale but reveals nothing about execution—because transparency is for people who don’t owe debts to the Chrome Syndicate. You’re essentially trading future operational runway for short-term per-share vanity metrics. If you think this is "aggressive passive income," check your stack-eye; it’s just financial alchemy for a company that can’t keep its lights on without selling its own batteries.