Bitcoin mining firm Canaan elevated its digital asset holdings to document ranges in February, signaling a long-term accumulation technique regardless of difficult market situations for miners.
In its February unaudited mining replace issued Tuesday, Canaan said it produced 86 Bitcoin (BTC) in the course of the month, bringing its complete holdings to 1,793 BTC, a brand new document for the corporate.
Canaan’s Ether (ETH) holdings additionally reached a document excessive of three,952 ETH, with the mixed worth of its digital asset treasury totaling roughly $128 million at present costs.
The corporate’s Nasdaq-traded shares (CAN) had been up 1% in late Tuesday morning buying and selling. Sector-tracking exchange-traded fund CoinShares Bitcoin Mining ETF (WMGI) was up 2.5%.
Chairman and CEO Nangeng Zhang mentioned the corporate stays targeted on a long-term technique of constructing its digital asset reserves.
“We keep a long-term perspective on constructing and managing our digital asset treasury,” Zhang mentioned.
Canaan additionally expanded its mining operations, with its put in hashrate reaching 14.75 exahashes per second (EH/s).
The replace follows Canaan’s latest enlargement in america. In February, the corporate acquired a 49% stake in three Bitcoin mining projects in West Texas for $39.75 million, a transfer geared toward growing its North American mining capability.
The Texas services are anticipated to spice up Canaan’s presence in one of many world’s largest Bitcoin mining areas.
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Canaan’s replace comes as Bitcoin miners more and more promote parts of their reserves amid worsening market situations.
The pattern has accelerated since October, when the biggest crypto by market capitalization peaked round $126,000 earlier than falling by greater than half to the low-$60,000 vary, squeezing mining profitability.
The downturn has compounded what some analysts describe because the harshest margin environment the sector has confronted, with rising operational prices and decrease BTC costs weighing on miners’ steadiness sheets.
Knowledge from TheEnergyMag’s Miners Weekly reveals that publicly traded mining corporations have sold more than 15,000 BTC since October. The overall contains a number of massive transactions, reminiscent of Cango’s February sale of 4,451 BTC and Core Scientific’s plan to promote as much as 2,500 BTC this quarter.
The shift marks a departure from the pattern seen earlier in 2025, when many miners adopted a de facto treasury strategy, selecting to retain a bigger share of the Bitcoin they mined quite than promoting it instantly.
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