Unlike other Bitcoin mining companies that have been announcing their intention to sell Bitcoin, Canaan has issued a positive statement.
Accordingly, Bitcoin mining company Canaan announced in a statement that it had reached all-time highs for its Bitcoin ($BTC) and Ethereum ($ETH) holdings in February.
This situation is the complete opposite of the recent trend among miners whose Bitcoin holdings are traded on exchanges.
Canaan’s announcement comes at a time when other publicly traded mining companies have sold more than 15,000 $BTC since October last year due to the drop in Bitcoin prices.
This also signals that Canaan is pursuing a long-term accumulation strategy despite challenging market conditions for miners.
Chairman and CEO Nangeng Zhang said the company remains focused on its long-term strategy to increase its digital asset reserves.
As of February, Canaan reportedly held 1,793 $BTC and 3,952 $ETH.
*This is not investment advice.