TL;DR
- Canaan produced 86 BTC in February, lifting holdings to a record 1,793 BTC, while Ether reserves also reached a company high of 3,952 ETH.
- The accumulation contrasts with a sector-wide sell-off, as public mining companies have sold more than 15,000 BTC since October amid lower prices and tighter margins.
- Canaan expanded in West Texas for $39.75 million and raised installed hashrate to 14.75 EH/s, pairing treasury growth with infrastructure expansion.
Canaan has taken a markedly different path from much of the public mining sector, and its latest treasury buildup sends that message clearly. In its February unaudited mining update, the company said it produced 86 Bitcoin during the month, lifting its total Bitcoin holdings to 1,793 BTC, the highest level in its history. Its Ether reserves also reached a record 3,952 ETH. At current market prices, the combined digital-asset treasury is worth roughly $128 million, underscoring how aggressively Canaan is leaning into accumulation even as peers move the opposite way under mounting industry balance-sheet pressure.
Reserve Growth Stands Out Against an Industry Retreat
What makes Canaan’s stance more striking is how sharply it diverges from the broader miner response to falling margins. The report says publicly traded mining companies have sold more than 15,000 BTC since October, as weaker Bitcoin prices and rising operating costs squeezed profitability across the sector. That pressure intensified after Bitcoin peaked near $126,000 in October and then fell by more than half into the low-$60,000 range. In that environment, many miners have shifted from holding freshly mined coins to actively unloading reserves, turning treasury defense into an industrywide priority for management teams everywhere.
Canaan is not only stockpiling coins; it is also scaling the mining base that feeds those reserves. The company said its installed hashrate reached 14.75 exahashes per second, extending the operational side of its accumulation strategy at the same time its treasury hit new highs. It also expanded its United States footprint in February by acquiring a 49% stake in three Bitcoin mining projects in West Texas for $39.75 million. Those facilities are expected to strengthen Canaan’s presence in one of the world’s largest mining regions, linking reserve growth with physical capacity expansion over time.
That combination leaves Canaan looking unusual at a moment when the miner sell-off narrative is dominating the sector’s balance-sheet conversation. Earlier in 2025, many miners had embraced a de facto treasury strategy by retaining more of the Bitcoin they produced instead of selling it immediately. The current downturn has reversed much of that behavior, but Canaan appears to be doubling down instead. Its record Bitcoin and Ether reserves, Texas footprint and higher installed hashrate suggest a company positioning for the long term, even as much of the industry prioritizes liquidity, margin protection and near-term survival.
