Bitcoin mining company Canaan increased its digital assets to a record level in February, indicating a long-term accumulation strategy for miners despite difficult market conditions.
In a February mining update released on Tuesday, Canaan said it produced 86 Bitcoin (BTC) during the month, bringing its total assets to 1,793 BTC, a new record for the company.
Canaan’s Ether (ETH) shares also hit a record high of 3,952 ETH, making the total value of its digital asset treasury at current prices around $128 million.
Shares of the company on the Nasdaq ( CAN ) were up 1% in morning trading on Tuesday. The stock-tracking fund CoinShares Bitcoin Mining ETF ( WMGI ) rose 2.5%.
Chairman and CEO Nangen Zhang said the company remains focused on its long-term strategy of building its digital asset portfolio.
“We maintain a long-term perspective in building and managing our digital asset portfolio,” Zhang said.
Canaan also expanded its mining operations and its installed hash rate reached 14.75 exahes per second (EH/s).
An update following 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 increasing North American mining capacity.
The Texas facility is expected to increase Canaan’s presence in one of the largest bitcoin mining regions in the world.
related to: Bitcoin Miner Production Data Shows Scale of US Winter Storm Damage
Miners increase bitcoin sales as margins tighten
Canaan’s update comes as bitcoin miners sell more of their holdings amid worsening market conditions.
This trend has accelerated since October, when the largest crypto by market capitalization peaked at $126,000, before falling by more than half to the low $60,000 range, reducing mining profitability.
The downturn has exacerbated what some analysts have seen as the sector’s toughest margin environment yet, with rising operating costs and lower BTC prices on miners’ balance sheets.
Data from TheEnergyMag’s Miners Weekly shows that public mining companies have sold more than 15,000 BTC since October. The total includes several large transactions, such as Cango’s February sale of 4,451 BTC and Core Scientific’s plan to sell up to 2,500 BTC this quarter.
This shift is a departure from the trend previously seen in 2025, when many miners adopted a true hoarding strategy, choosing to keep a larger portion of the bitcoin they mined rather than sell it immediately.
related to: Bitcoin Mining Report 2026: AI Wheels, Margin Pressure and the Struggle for Survival
