Canaan Boosts Treasury to Record $128M in Digital Assets
Bitcoin mining company Canaan Inc. increased its digital asset holdings to new highs in February, running counter to a broader industry trend of liquidation. In its unaudited monthly update, the firm reported mining 86 BTC, which elevated its total reserves to a record 1,793 BTC. Its Ether holdings also reached a peak of 3,952 ETH, bringing the combined value of its digital asset treasury to approximately $128 million.
This accumulation reflects a deliberate corporate strategy. "We maintain a long-term perspective on building and managing our digital asset treasury," stated Chairman and CEO Nangeng Zhang, emphasizing the company's commitment to holding its assets. The market responded modestly, with Canaan's Nasdaq-traded shares (CAN) closing up 1% on the day of the announcement.
Firm Expands US Footprint With $39.75M Texas Deal
To support its accumulation strategy, Canaan is actively expanding its physical operations. In February, the company invested $39.75 million to acquire a 49% stake in three Bitcoin mining projects located in West Texas. This move is designed to increase its mining capacity in North America, one of the world's most significant regions for the industry. Alongside the expansion, Canaan's total installed hashrate has reached 14.75 exahashes per second (EH/s).
Public Miners Sell 15,000 BTC as Margins Tighten
Canaan's decision to hold assets starkly contrasts with the behavior of its publicly traded peers. Since October, miners have collectively sold more than 15,000 BTC as they grapple with what analysts call the sector's harshest margin environment. Squeezed by lower Bitcoin prices and rising operational costs, many firms are selling reserves to maintain liquidity. For example, Cango sold 4,451 BTC in February, and Core Scientific announced plans to sell up to 2,500 BTC. This industry-wide deleveraging makes Canaan's simultaneous accumulation and expansion a noteworthy divergence in strategy.
