Canaan stacks Bitcoin, bucking rival miners' rush to sell
11.03.2026
19039
Bitcoin mining company Canaan increased its digital asset holdings to record levels in February, signaling a long-term accumulation strategy despite challenging market conditions for miners.
Canaan's Big Bet: Stacking Sats While Others Panic-Sell
While the rest of the mining industry is dumping BTC to stay afloat, Canaan just doubled down — hard. In their February update, they revealed they're now holding a record 1,793 BTC and 3,952 ETH. That's a $128M treasure chest at current prices. Their shares (CAN) are up 1% on the news, while the mining ETF (WMGI) gained 2.5%. CEO Nangeng Zhang isn't sweating the market dip: "We maintain a long-term perspective on building and managing our digital asset treasury." Translation: we're not selling.
They're not just hoarding crypto — they're expanding operations too. Installed hashrate hit 14.75 EH/s, and they just dropped $39.75M on a 49% stake in three Texas mining sites. That's a power move into one of the world's biggest mining regions. Meanwhile, they mined 86 fresh BTC in February alone.
The Great Miner Sell-Off: 15,000 BTC Gone Since October
Here's why Canaan's strategy stands out: everyone else is liquidating. Since Bitcoin peaked around $126K in October and crashed to the low-$60Ks, mining margins have been absolutely brutal. Public miners have sold over 15,000 BTC according to TheEnergyMag's Miners Weekly. Big moves include Cango dumping 4,451 BTC in February and Core Scientific planning to offload up to 2,500 BTC this quarter.
This is a complete 180 from early 2025, when miners were holding BTC like digital gold. Now? It's a fire sale. Rising op costs + lower BTC prices = the "harshest margin environment" the sector has ever seen. Analysts aren't mincing words — this is survival mode.
The Bottom Line
- • Canaan's holding 1,793 BTC + 3,952 ETH ($128M total) — both record highs
- • They mined 86 BTC in February, expanded to 14.75 EH/s hashrate
- • Dropped $39.75M on Texas mining sites for North American dominance
- • Meanwhile, public miners have sold 15,000+ BTC since October's peak
- • Market conditions: BTC down ~50% from $126K highs, squeezing margins to historic lows
- • Canaan's playing the long game while rivals panic-sell to stay solvent
#Bitcoin mining#Position Liquidation#Bitcoin accumulation#Cryptocurrency market#Bitcoin accumulation strategies
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