Leading Bitcoin mining rig manufacturer Canaan Inc. reported a historic milestone in its digital asset holdings for the first quarter of 2026. According to the company's latest financial disclosure, as of March 31, Canaan held 1,808 BTC and 3,952 ETH — the highest levels ever recorded by the firm. At current market prices, the combined value of these holdings exceeds hundreds of millions of dollars.
Mining Output and Capacity Expansion
The growth in Canaan's crypto treasury was primarily driven by its own mining operations. In March alone, the company successfully mined 89 BTC, capping a productive quarter. Meanwhile, Canaan continued to scale its infrastructure by adding more than 10 MW of new mining capacity, bringing its global installed capacity to 266.3 MW. This expansion underscores Canaan's long-term confidence in Proof-of-Work mining, especially as the post-halving era intensifies competition for hashrate. By operating its own mines alongside selling equipment, Canaan benefits from a dual-revenue model often described as “selling shovels while digging for gold.”
Revenue and Financial Performance
Despite ongoing volatility in the crypto market, Canaan reported US$62.7 million in Q1 revenue, showing resilience compared to the prior year. Management noted that the increase in crypto holdings is not merely a revaluation of the balance sheet but a strategic asset allocation move. By converting a portion of mining proceeds into long-held digital assets, Canaan aims to capture upside from the broader crypto cycle. The significant rise in ETH holdings suggests the company may also be engaging in Ethereum staking or DeFi protocols to generate additional yield.
Industry Context and Implications
Among publicly listed miners, Canaan's crypto reserves now place it in the top tier. In contrast, rival Bitmain has not publicly disclosed similar figures, while North American miners like Marathon Digital have also been actively accumulating. Canaan's “mine-and-hold” approach offers a new template for the industry: building counter-cyclical strength through scale mining and asset retention rather than relying solely on hardware sales. Notably, Canaan also expanded its AI chip business during Q1, yet its crypto holdings have greatly surpassed its traditional cash reserves, signaling a strong conviction in digital assets as a core corporate treasury.
Overall, Canaan's record crypto holdings mark a decisive step in its transformation from a mining rig manufacturer into a full-fledged digital asset operator. As its hashrate network continues to expand, the flywheel effect of “mining, holding, and value appreciation” is likely to accelerate.