Canaan' revenue craters 68% as Bitcoin holdings hit record

Canaan’s revenue just cratered by 68%, with hardware sales plummeting a staggering 81%. Even with a $29.3 million loss, they are liquidating Bitcoin holdings to fund share repurchases for a stock trading at just $0.32. Selling the very asset you mine to prop up a failing share price is a desperate contradiction of the "HODL" mentality, yet they claim their strategy hasn't changed. Is selling BTC to buy back cheap stock a brilliant play or a total death spiral? What’s your take?
This summary was generated by AI