Bitcoin mining firm Canaan has achieved record digital asset holdings, amassing 1,793 BTC and 3,952 ETH by February. The company's treasury now stands at approximately $128 million. This accumulation strategy contrasts sharply with many industry peers who are selling reserves due to tightening market margins and declining Bitcoin prices.
Canaan also expanded its operational hashrate to 14.75 exahashes per second and recently acquired a 49% stake in three Bitcoin mining projects in West Texas for $39.75 million, enhancing its North American presence. The company’s leadership emphasizes a long-term perspective on digital asset reserve management.
This move by Canaan comes as other miners face increased pressure. Since October, publicly traded mining companies have sold over 15,000 BTC, driven by rising operational costs and a Bitcoin price drop from its peak. This marks a significant shift from the previous trend of miners holding onto a larger share of their mined assets.