In February, Bitcoin miner Canaan raised its BTC and ETH reserves to record highs. This was despite several prominent mining companies cutting back on their holdings.
In February, the Bitcoin mining business Canaan expanded its digital asset holdings to record levels. This shows that the company is following a long-term strategy of accumulating assets, even though the market is tough for miners right now.
Canaan’s February unaudited mining update, which came out on Tuesday, claimed that the firm mined 86 Bitcoin (BTC $71,496) throughout the month. This brought its total holdings to 1,793 BTC, which is a new high for the company.
Canaan’s Ether (ETH $2,082) holdings also hit a record high of 3,952 ETH. At current prices, the total value of its digital asset treasury is almost $128 million.
Shares of the business (CAN), which trade on the Nasdaq, were up 1% in late Tuesday morning trading. The CoinShares Bitcoin Mining ETF (WMGI), which tracks the sector, went up 2.5%.
Nangeng Zhang, the business’s chairman and CEO, said that the company is still focused on its long-term goal of building up its digital asset reserves. Zhang stated, We keep a long-term view on building and managing our digital asset treasury.
Canaan also increased its mining operations, and its installed hashrate reached 14.75 exahashes per second (EH/s).
Expansion in Texas strengthens North American presence
Canaan’s recent growth in the US is the reason for the update. The company bought a 49% share in three Bitcoin mining projects in West Texas for $39.75 million in February. Canaan took this step to enhance its mining capacity in North America.
The Texas facilities should help Canaan become more well-known in one of the world’s biggest areas for Bitcoin mining.
Bitcoin miners are selling more and more of their reserves as the market becomes worse, which indicates a trend of financial strain and a need for liquidity among miners in response to declining prices. Canaan’s update comes at this time.
Since October, when the biggest cryptocurrency by market cap hit a high of about $126,000 and then fell by more than half to the low-$60,000 area, making mining less profitable, the trend has sped up.
Some analysts say that the downturn has made the sector’s margins even worse, with growing operational costs and falling BTC prices hurting miners’ bottom lines.
According to TheEnergyMag’s Miners Weekly, publicly traded mining businesses have sold over 15,000 BTC since October. There are a lot of big sales in the total, such as Cango’s sale of 4,451 BTC in February and Core Scientific’s commitment to sell up to 2,500 BTC this quarter.
The change is different from what happened earlier in 2025, when several miners used a de facto treasury strategy and kept a bigger share of the Bitcoin they produced instead of selling it right away.