Canaan stacks Bitcoin, bucking rival miners rush to sell
Bitcoin mining company Canaan increased its digital asset holdings to record levels in February, signaling a long-term accumulation strategy despite challenging market conditions for miners.
In its February unaudited mining update issued Tuesday, Canaan said it produced 86 Bitcoin (BTC) during the month, bringing its total holdings to 1,793 BTC, a new record for the company.
Canaan’s Ether (ETH) holdings also reached a record high of 3,952 ETH, with the combined value of its digital asset treasury totaling roughly $128 million at current prices.
The company’s Nasdaq-traded shares (CAN) were up 1% in late Tuesday morning trading. Sector-tracking exchange-traded fund CoinShares Bitcoin Mining ETF (WMGI) was up 2.5%.
Chairman and CEO Nangeng Zhang said the company remains focused on a long-term strategy of building its digital asset reserves.
“We maintain a long-term perspective on building and managing our digital asset treasury,” Zhang said.
Canaan also expanded its mining operations, with its installed hashrate reaching 14.75 exahashes per second (EH/s).
The update follows Canaan’s recent expansion in the United States. In February, the company acquired a 49% stake in three Bitcoin mining projects in West Texas for $39.75 million, a move aimed at increasing its North American mining capacity.
The Texas facilities are expected to boost Canaan’s presence in one of the world’s largest Bitcoin mining regions.
Miners ramp up Bitcoin sales as margins tighten
Canaan’s update comes as Bitcoin miners increasingly sell portions of their reserves amid worsening market conditions.
The trend has accelerated since October, when the biggest crypto by market capitalization peaked around $126,000 before falling by more than half to the low-$60,000 range, squeezing mining profitability.
The downturn has compounded what some analysts describe as the harshest margin environment the sector has faced, with rising operational costs and lower BTC prices weighing on miners’ balance sheets.
Data from TheEnergyMag’s Miners Weekly shows that publicly traded mining companies have sold more than 15,000 BTC since October. The total includes several large transactions, such as Cango’s February sale of 4,451 BTC and Core Scientific’s plan to sell up to 2,500 BTC this quarter.
The shift marks a departure from the trend seen earlier in 2025, when many miners adopted a de facto treasury strategy, choosing to retain a larger share of the Bitcoin they mined rather than selling it immediately.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Global Liquidity Is Tightening Fast: 5 Cryptos Worth Buying as Japanese Bonds Go Parabolic
AI capital expenditure surges to $1.7 trillion—what level of returns would be considered reasonable? Goldman Sachs does the math
AI capital expenditures by major US cloud service providers are surging, sparking debates over investment returns. According to Goldman Sachs Research, six major players such as Alphabet and Microsoft will need to generate cumulative revenue of approximately $1.42 trillion between 2028 and 2030 to meet the 15% ROIC threshold for AI computing power investments made in 2026–2027. Currently, the three largest public clouds have a backlog of orders exceeding $1.69 trillion, which strongly supports future monetization and long-term profitability.
US Stock Market Pre-market Outlook | All Three Major Index Futures Rise, Chip Stocks and Optical Communication Stocks Surge Pre-market, ARM (ARM.US) Up Over 4%
As of press time, Dow futures are up 0.41%, S&P 500 index futures are up 0.40%, and Nasdaq futures are up 0.73%.
XRP investors eye ‘Shane Ellis moment’ as analyst highlights 9 institutional triggers
Crypto prices
More
