Bitcoin mining firm Canaan elevated its digital asset holdings to document ranges in February, signaling a long-term accumulation technique regardless of difficult market circumstances for miners.
In its February unaudited mining replace issued Tuesday, Canaan stated 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) have 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 stated the corporate stays centered 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 stated.
Canaan’s Bitcoin holdings over time. Supply: BitcoinTreasuries.NET
Canaan additionally expanded its mining operations, with its put in hashrate reaching 14.75 exahashes per second (EH/s).
The replace follows Canaan’s current enlargement in the US. In February, the corporate acquired a 49% stake in three Bitcoin mining tasks in West Texas for $39.75 million, a transfer aimed toward rising 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 circumstances.
The pattern has accelerated since October, when the largest 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 setting the sector has confronted, with rising operational prices and decrease $BTC costs weighing on miners’ steadiness sheets.
Knowledge from TheEnergyMag’s Miners Weekly exhibits that publicly traded mining firms have bought greater than 15,000 $BTC since October. The whole consists of a number of giant transactions, corresponding to Cango’s February sale of 4,451 $BTC and Core Scientific’s plan to promote as much as 2,500 $BTC this quarter.
Bitcoin miners have offloaded a rising share of their $BTC holdings since October. Supply: TheEnergyMag
The shift marks a departure from the pattern seen earlier in 2025, when many miners adopted a de facto treasury technique, selecting to retain a bigger share of the Bitcoin they mined moderately than promoting it instantly.
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