Bybit
Canaan boosts Bitcoin and Ether reserves
Bitcoin mining company Canaan increased its cryptocurrency reserves in February. The firm continues to accumulate Bitcoin and Ethereum despite difficult market conditions.
According to the company’s February mining update, Canaan produced 86 BTC during the month. Total Bitcoin holdings reached 1,793 BTC, marking a record level for the company.
Canaan’s Ether reserves also increased. The company now holds 3,952 ETH. At current market prices, the combined value of its digital asset treasury is about $128 million.
Canaan shares traded on Nasdaq under the ticker CAN rose around 1% in late trading. The sector-tracking CoinShares Bitcoin Mining ETF also gained roughly 2.5%.
Chairman and CEO Nangeng Zhang emphasized the company’s long-term strategy. He said Canaan continues to build and manage its digital asset treasury.
Canaan expands Bitcoin mining in Texas
The company also increased its operational scale in Bitcoin mining. Installed mining capacity reached 14.75 EH/s.
Canaan recently expanded its presence in the United States. In February, the company acquired a 49% stake in three Bitcoin mining projects in West Texas. The transaction value reached approximately $39.75 million. These facilities are located in one of the world’s largest Bitcoin mining regions. The expansion is expected to strengthen Canaan’s North American mining operations.
Key operational figures include:
- 86 BTC mined in February;
- 1,793 BTC total company reserves;
- 3,952 ETH in treasury;
- 14.75 EH/s installed mining hashrate.
However, the broader mining industry faces pressure. Bitcoin prices have fallen significantly since October. The asset previously traded near $126,000. Later the price dropped sharply toward the $60,000 range.
Lower prices and rising operational costs are squeezing mining profitability. Data from TheEnergyMag Miners Weekly shows a clear trend. Public mining companies have sold more than 15,000 BTC since October. Several large transactions contributed to this number. Cango sold 4,451 BTC in February. Core Scientific also plans to sell up to 2,500 BTC this quarter.
Earlier in 2025, many miners held larger portions of mined Bitcoin. That strategy aimed to build corporate treasuries in BTC. Canaan’s recent update suggests the company continues to follow this long-term accumulation model.
