Bitcoin (BTC) miner Canaan reported record-high holdings of 1,793 BTC and 3,952 ETH in February, worth roughly $128 million at current prices.
The figures come as publicly traded miners collectively sold more than 15,000 BTC since Bitcoin's October 2025 peak.
Canaan's divergence from that trend is the clearest illustration yet of how the sector is fracturing under margin pressure.
The Singapore-based company mined 86 BTC in February, with deployed hashrate reaching 14.75 EH/s following its West Texas expansion.
Shares of CAN were up 1% on Tuesday; the CoinShares Bitcoin Mining ETF (WMGI) gained 2.5%.
What Happened
In late February, Canaan acquired Cipher Mining's 49% stake in three West Texas facilities - Alborz, Bear, and Chief Mountain - for $39.75 million paid entirely in stock.
The deal added 120 MW of capacity and 4.4 EH/s of operational hashrate at power costs below $0.03/kWh. WindHQ retains the remaining 51%.
Canaan's fourth-quarter 2025 revenues reached $196.3 million, up 121% year-over-year, with Bitcoin mining revenues of $30.4 million. The company's CEO and CFO also bought an additional 1.46 million ADSs on the open market on March 3, at roughly $0.51 per share.
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Why It Matters
The broader context makes Canaan's accumulation strategy harder to ignore. Bitcoin peaked around $126,000 in October before falling more than half to the low-$60,000 range, squeezing mining profitability.
Data from TheEnergyMag's Miners Weekly shows publicly traded miners have sold more than 15,000 BTC since October - including Cango's 4,451 BTC sale in February and Core Scientific's plan to offload up to 2,500 BTC this quarter.
Bitdeer, for instance, reported zero BTC holdings as of February 20, down from roughly 2,000 BTC at year-end. That's a near-complete liquidation over two months.
Canaan is an outlier, but its position carries risks. The company received a Nasdaq non-compliance notice in January 2026 after its ADS closed below $1.00 for 30 consecutive business days, giving it until July 13 to meet minimum bid-price requirements.
Holding a larger treasury while trading at sub-dollar prices reflects either strong conviction - or a balance sheet propped up by unrealized crypto gains in a still-declining market.