Bitcoin miner XRPCanaan reported record digital asset holdings in February, separating itself from a wave of public miners that have been selling coins to manage tighter margins. The company disclosed the figures in its February unaudited mining update, released Tuesday.
Canaan produced 86 Bitcoin during the month. That brought its total Bitcoin holdings to 1,793 coins, the highest level in the company's history. Its Ethereum reserves also reached a new peak of 3,952 Ethereum. At current prices, the combined treasury is worth roughly $128 million.
Chairman and CEO Nangeng Zhang said the company is focused on growing that reserve over time. "We maintain a long-term perspective on building and managing our digital asset treasury," Zhang said. Canaan's Nasdaq-listed shares, trading under the ticker CAN, rose 1% in Tuesday morning trading. The CoinShares Bitcoin Mining ETF (WMGI) gained 2.5% during the same session.
Canaan also expanded its operational capacity during the month. Its installed hash rate reached 14.75 exahashes per second. The company acquired a 49% stake in three Bitcoin mining projects in West Texas for $39.75 million, adding capacity in one of the world's largest mining regions.
The accumulation strategy stands apart from the direction most public miners have taken since October. Publicly traded mining firms have sold more than 15,000 Bitcoin since then, according to data from TheEnergyMag's Miners Weekly. That period coincides with Bitcoin's decline from a peak near $126,000 to the low-$60,000 range, which squeezed profitability across the sector.
Individual sales have been substantial. Cango sold 4,451 Bitcoin in February alone. Core Scientific has announced plans to sell up to 2,500 Bitcoin this quarter. Rising operational costs have added further pressure on miners' balance sheets, deepening the squeeze from lower coin prices.
The sell-off marks a break from a trend that took hold earlier in 2025. Many miners had adopted a de facto treasury approach at that time, retaining a larger share of mined coins rather than converting them to cash. Canaan has continued down that path while the rest of the sector moves in the opposite direction.
