Canaan Continues to Increase Bitcoin and Ethereum Reserves to Record Highs

In February, cryptocurrency mining firm Canaan continued to advance its digital asset reserve strategy, increasing its holdings of Bitcoin and Ethereum against the trend amid heightened market volatility. According to the company's latest mining report, it mined 86 Bitcoins in the month, bringing its total Bitcoin holdings to 1,793, a new high for both monthly and cumulative holdings. At the same time, Ethereum reserves also increased to 3,952. At current market prices, its digital asset portfolio is worth approximately $128 million.

In terms of operational scale, Canaan's Bitcoin mining hash rate has increased to 14.75 EH/s, further consolidating its competitiveness in North American mines, especially with the continued expansion of its infrastructure layout in Texas. Despite the challenges facing the industry as a whole—since October of last year, the price of Bitcoin has fallen sharply from nearly $126,000 to around $60,000, coupled with rising electricity and operating costs, which has put pressure on the profitability of most mining companies. Data shows that since October of last year, publicly listed mining companies have cumulatively sold more than 15,000 Bitcoins, of which Cango sold 4,451 in February, and Core Scientific also plans to reduce its holdings by as much as 2,500 this quarter.

Against this backdrop, Canaan has adhered to a long-term holding strategy and has not followed the market sell-off trend, reflecting its confidence in the long-term value of cryptocurrencies. Chairman and CEO of the company, Zhang Nangeng, said that building and managing its own digital asset reserves remains the company's core strategic direction. During the same period, Canaan's stock price on Nasdaq (CAN) rose slightly by about 1%, while the CoinShares Bitcoin Miners ETF, which tracks the mining sector, also recorded a gain of about 2.5%, reflecting market recognition of a sound currency holding strategy.