Bitcoin mining firm Canaan elevated its digital asset holdings to document ranges in February, indicating a long-term accumulation technique regardless of troublesome market circumstances for miners.
In its unaudited February mining replace printed on Tuesday, Canaan mentioned it produced 86 Bitcoin ($BTC) throughout the month, bringing its complete holdings to 1,793 $BTCa brand new document for the corporate.
Canaan Ether ($ETH) holdings additionally hit a document excessive of three,952 $ETHwith a mixed worth of their digital asset treasury amounting to roughly $128 million at present costs.
The corporate’s Nasdaq-listed shares (CAN) rose 1% in Tuesday morning buying and selling. Sector-tracking exchange-traded fund CoinShares Bitcoin Mining ETF (WMGI) rose 2.5%.
Chairman and CEO Nangeng Zhang mentioned the corporate stays centered on a long-term technique to construct 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. Fountain: Bitcoin.NET Treasures
Canaan additionally expanded its mining operations, with its put in hash fee reaching 14.75 exahashes per second (EH/s).
The replace follows Canaan’s current growth into 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 mining capability in North America.
The Texas facility is anticipated to spice up Canaan’s presence in one of many largest Bitcoin mining areas on the planet.
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The Canaan improve comes as Bitcoin miners more and more dump parts of their reserves amid worsening market circumstances.
The development has accelerated since October, when the most important cryptocurrency by market capitalization peaked round $126,000 earlier than falling by greater than half to the low $60,000 vary, squeezing mining profitability.
The disaster has exacerbated what some analysts describe because the hardest margin setting the sector has confronted, with rising working prices and decrease $BTC costs that weigh on the stability sheets of mining firms.
Knowledge from TheEnergyMag’s Miners Weekly reveals that publicly traded mining firms have offered greater than 15,000 $BTC since October. The whole consists of a number of main transactions, such because the sale of Cango in February for 4,451 $BTC and Core Scientific’s plan to promote as much as 2,500 $BTC this quarter.
Bitcoin miners have dumped an growing portion of their $BTC participations since October. Fountain: MagEnergy
The change marks a departure from the development seen in early 2025, when many miners adopted a de facto treasury technique, selecting to carry onto a higher proportion of the Bitcoin they mined relatively than instantly promote it.
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