Canaan increased its digital asset holdings to record levels in February, bucking an industry trend of miners selling reserves amid tightening profit margins.
The company said it mined 86 Bitcoin during the month, bringing its total holdings to 1,793 BTC, while its Ether reserves rose to 3,952 ETH.
Combined, the company’s crypto treasury is valued at about $128 million at current market prices.
“We maintain a long-term perspective on building and managing our digital asset treasury,”
Said Canaan chairman and CEO, Nangeng Zhang.
Canaan also reported expanding its mining capacity, with installed hashrate reaching 14.75 exahashes per second.
The update follows the company’s recent acquisition of a 49% stake in three mining projects in West Texas for $39.75 million as it increases its North American footprint.
Shares of CAN rose about 1% in late Tuesday morning trading, while the WMGI gained roughly 2.5%.
The company’s accumulation strategy contrasts with a broader industry shift toward selling Bitcoin reserves as mining profitability declines.
Data from TheEnergyMag’s Miners Weekly shows public mining firms have sold more than 15,000 BTC since October, including a 4,451 BTC sale by Cango and plans by Core Scientific to sell up to 2,500 BTC this quarter.
At the time of reporting, Bitcoin price was $69,965.63.