Bitcoin mining firm Canaan elevated its digital asset holdings to file 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 mentioned it produced 86 Bitcoin ($BTC) through the month, bringing its complete holdings to 1,793 $BTC, a brand new file for the corporate.
Canaan’s Ether ($ETH) holdings additionally reached a file 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 mentioned the corporate stays targeted on a long-term technique of constructing its digital asset reserves.
“We preserve a long-term perspective on constructing and managing our digital asset treasury,” Zhang mentioned.
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 growth in the US. In February, the corporate acquired a 49% stake in three Bitcoin mining initiatives in West Texas for $39.75 million, a transfer aimed 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 development 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 atmosphere the sector has confronted, with rising operational prices and decrease $BTC costs weighing on miners’ stability sheets.
Information from TheEnergyMag’s Miners Weekly reveals that publicly traded mining corporations have bought greater than 15,000 $BTC since October. The entire contains a number of massive transactions, similar 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 development seen earlier in 2025, when many miners adopted a de facto treasury technique, selecting to retain a bigger share of the Bitcoin they mined slightly than promoting it instantly.
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