Canaan Inc. (NASDAQ: CAN) announced that its chairman and chief executive officer, Nangeng Zhang, and chief financial officer, Jin "James" Cheng, purchased a combined 1,065,000 American Depositary Shares in the open market at an average price of $0.35 per ADS.

According to a press release, the purchases were made in compliance with the company's internal trading policies and applicable securities regulations.

"James and I remain highly confident in Canaan's future and the opportunities ahead," said Zhang. "Our share purchases reflect our conviction in the Company's long-term strategy and our belief that the convergence of energy and compute will create significant value over the coming years."

Canaan, established in 2013, designs ASIC high-performance computing chips and produces crypto mining equipment. The company completed its initial public offering on the Nasdaq Global Market in 2019.