Bitcoin mining company Canaan increased its digital asset holdings to a record level in February, signaling a long-term accumulation strategy despite tough market conditions for miners.
In its February unaudited mining update published on Tuesday, Canaan said it produced 86 Bitcoins ($BTC) The total number of items held during the month was 1,793. $BTCa new record for the company.
The Ether of Canaan ($ETH) The number of shares held also reached a record high of 3,952 shares. $ETHthe total value of the digital asset vault is approximately $128 million at current prices.
The company’s Nasdaq-listed stock (CAN) rose 1% in late morning trading Tuesday. The sector-tracking exchange-traded fund CoinShares Bitcoin Mining ETF (WMGI) rose 2.5%.
Chairman and CEO Nangeng Zhang said the company remains focused on its long-term strategy of building digital asset reserves.
“We maintain a long-term perspective on building and managing a treasure trove of digital assets,” Zhang said.
Changes in Canaan’s Bitcoin holdings. sauce: BitcoinTreasuries.NET
Canaan has also expanded its mining operations, reaching an installed hashrate of 14.75 exahash per second (EH/s).
This 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 expanding mining capacity in North America.
The Texas facility is expected to increase Canaan’s presence in one of the world’s largest Bitcoin mining regions.
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Miners expand Bitcoin sales as profit margins tighten
Canaan’s update comes as Bitcoin miners are increasingly selling off some of their reserves due to deteriorating market conditions.
This trend has accelerated since October, with the largest cryptocurrency by market capitalization peaking at about $126,000 before falling by more than half to the low $60,000 range, putting pressure on mining profitability.
The economic downturn has exacerbated what some analysts describe as the toughest margin environment the sector has ever faced, resulting in higher operating costs and lower margins. $BTC Prices weigh heavily on miners’ balance sheets.
Data from TheEnergyMag’s Miners Weekly shows listed mining companies sold more than 15,000. $BTC Since October. The total includes some big deals, like Cango’s 4,451 sales in February. $BTC Core Scientific plans to sell up to 2,500 units $BTC This quarter.
Bitcoin miners are offloading more and more Bitcoin. $BTC Owned since October. sauce: energy mug
This change marks a departure from the trend seen in early 2025, when many miners adopted a de facto financial strategy, choosing to hold on to a larger share of the Bitcoin they mined rather than immediately selling it.
Related: Bitcoin Mining 2026 Prediction: AI Turnabout, Margin Pressure, and Fight for Survival
