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first_img Canaan launched a $20 million buyback, with mining machine revenue down 96%

Bitcoin mining machine manufacturer Canaan has launched a $20 million stock repurchase plan, which is part of the $100 million repurchase authorization approved by the board on November 6, with a duration of 12 months. Management stated that they will actively promote the repurchase once the funds are in place and may adjust the purchase arrangements based on operational and financing needs. As of Wednesday's close, Canaan's stock price has fallen about 75% this year. CEO Zhang Nengeng stated that while maintaining a long-term digital asset reserve, the company is selectively liquidating cryptocurrency holdings to fund the stock repurchase.Canaan's revenue from mining machines in the third quarter was $4.8 million, a 96% decrease from $118.6 million in the same period last year, which the company attributed to weakened demand and declining prices. During the same period, self-mining revenue was $9.5 million, nearly double that of mining machine revenue. The company recorded a profit of $8 million for the quarter, but an operating loss of $42.9 million, with profits mainly coming from the revaluation gains of cryptocurrencies and financial derivatives. Previous disclosures indicated that the company had sold 3,952 ETH and 54.5 BTC for approximately $13.9 million and used $5.4 million in late August to repurchase 13.6 million American depositary shares.As of September 30, Canaan held 1,875.5 BTC, of which 1,258 BTC were pledged for loans, 100 BTC were placed in fixed-term products, and the remaining 517.5 BTC were directly recorded as cryptocurrency assets, valued at $43.7 million at the end of the quarter. The company's total cash and restricted cash amounted to $72.8 million, of which $50 million was used to support letters of credit for infrastructure commitments, leaving approximately $22.8 million outside the restricted balance. Management stated that the current stock price does not adequately reflect the company's business and growth prospects.

AI cloud service provider CoreWeave's third-quarter revenue exceeded expectations

AI cloud service provider CoreWeave (CRWV.O) reported a 167% year-over-year revenue increase in the third quarter to $3.66 billion, exceeding market expectations of $3.55 billion, with a loss per share of $1.27, better than the expected loss of $1.46. The company raised its full-year revenue guidance from $12.4 billion to $13.2 billion to a range of $13 billion to $13.3 billion. According to MSX.COM data, after the earnings announcement, CoreWeave's stock price rose by as much as 8.7% in after-hours trading, following a cumulative decline of over 40% in the previous month and a year-to-date decline of 32%.As of the end of June, CoreWeave's debt exceeded $50 billion, with a bond yield of about 15.2% due in 2030. The company's CEO stated that investments are based on signed customer contracts, and customer prepayments also help support data center construction, with the existing order backlog sufficient to cover debt obligations. Microsoft previously stated that some emerging cloud service providers' data center projects have been delayed, tightening project oversight and exiting some high-risk projects. After the U.S. midterm elections, several newly elected officials indicated they would slow down or halt data center construction. CoreWeave stated that it plans to expand revenue by launching new services and expanding into the Asian market.

first_img HIVE plans to build an AI data center in Sweden, expecting an annual revenue of 45 million USD

HIVE Digital Technologies, a Bitcoin mining company, is seeking to generate $45 million in annual revenue through a Swedish AI data center, but has not finalized the lease agreement. In its latest financial report update, HIVE reiterated that its 32-megawatt Big Boden facility in Sweden could generate the aforementioned revenue through a long-term hosting arrangement, which depends on the final agreement, financing, facility upgrades, and project commissioning. The company first disclosed the proposal in June, involving an unnamed Swedish investment-grade technology company, with a lease term of up to 10 years. CEO Aydin Kilic stated during the earnings call that both parties are negotiating terms regarding deposits, termination rights, and other factors that may affect financing costs, and an advisor from a lender visited the site last week. HIVE expects to seek financing for the Boden project after signing the lease, possibly through corporate bonds.The data center also requires extensive renovations. HIVE plans to transform it into a facility capable of accommodating up to 10,000 Nvidia GB300 GPUs, utilizing liquid cooling to handle high-density computer racks. Although the facility has 32 megawatts of power access, the proposed client will receive about 25 megawatts of usable computing power, with the remaining power used for data center operations. Kilic noted that the site has evolved from supporting Ethereum GPU computing facilities.This expansion is part of HIVE's broader effort to move away from Bitcoin mining. In June, HIVE signed a three-year large-scale AI computing agreement with Bell Canada and Cohere, covering 2,304 Nvidia GPUs. HIVE currently reports $185 million in contracted GPU cloud annual recurring revenue, of which only $40 million is operational. The company's goal is to achieve approximately $700 million in annualized high-performance computing revenue by the end of 2028.

first_img TON Strategy's third-quarter revenue was 13.1 million USD, mainly from GRAM staking rewards

TON Strategy Company (TONX), listed on NASDAQ, announced its Q3 2026 financial report, with revenue of $13.1 million, primarily from staking rewards of its GRAM treasury, down from $15 million in Q2. As of the end of the quarter, the company held approximately 235.1 million GRAM (formerly Toncoin), valued at $348.5 million, of which 232.9 million were staked, with an annualized gross yield of about 16%. During the same period, the company repurchased $5.7 million in stock and supported the TON network upgrade while launching the native Gram Wallet on Telegram.The financial report showed that TON Strategy had a net loss of $24 million for the quarter, which included an unrealized loss of $27.2 million on its GRAM holdings, compared to an unrealized gain of $82.8 million in the previous quarter. The company stated that it has made progress in cost structure efficiency after ending the business inherited from VERB. CEO Kevin Wilson mentioned that GRAM has been integrated into several existing services of Telegram, including advertising payments and creator monetization, with TON supporting on-chain ownership and transfer of Telegram usernames and gifts; the expansion of access to the native wallet is expected to make GRAM more convenient for payments and transfers, bringing more opportunities for consumer-grade applications based on TON.TON Strategy was formerly Verb Technology Company, which raised approximately $560 million in a deal led by Kingsway Capital in August 2025, transforming into a treasury company for The Open Network's native token, which was renamed Gram earlier this year. Pavel Durov, founder and CEO of Telegram, stated on X on Monday that over 700,000 self-custody wallets were created on Telegram in the past 48 hours. TONX's stock price rose 2.4% on Tuesday, with an annual increase of nearly 25%.

first_img Exodus Q3 revenue grew by 7%, net loss of 8.3 million USD

According to The Block, the stock price of the self-custody wallet provider Exodus rose 10.07% on Monday, closing at $4.48. The company's financial report shows that for the third quarter ending September 30, 2026, revenue was $32.5 million, an increase of 7% from $30.3 million in the same period last year. The net profit attributable to the company shifted from a profit of $17 million in the third quarter of 2025 to a loss of $8.3 million, and adjusted EBITDA also changed from a positive $5.9 million in the same period last year to a loss of $3.9 million.In terms of payment business, Exodus reported a total transaction volume of $1.1 billion this quarter, with a total exchange volume also at $1.1 billion, and reported 1.6 million active cards and 1.4 million monthly active users. The number of users making deposits this quarter increased by 7.7% to 1.4 million, while the exchange volume decreased by 3.4%. The company stated that the focus for the third quarter was on integrating the organization, restoring some payment capabilities, optimizing the product roadmap, and establishing a stricter operational model.Exodus is continuously expanding its business beyond self-custody wallets. In June of this year, it partnered with Ondo Finance to launch Exodus Markets, offering over 200 tokenized stocks, ETFs, and other assets to qualified customers through wallets on Solana.CEO JP Richardson stated that the company is building a financial system where anyone can receive payments, invest, and consume as easily as sending a message, while retaining control of their assets. The company also mentioned that with the integration of Monavate and Baanx, it aims to reduce annual costs by approximately $30 million by 2027, exceeding the previous target of $10 million to $13 million. Its stock price has fallen a cumulative 70.21% this year.
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