Canaan is converting part of its Bitcoin treasury into shareholder returns through a $30 million share buyback, citing that its market value trails the combined worth of its crypto holdings and cash. The mining hardware maker holds roughly $130 million in digital assets. Investors pushed the stock nearly 9% higher after the announcement. Separately, MARA transferred 6,000 BTC worth about $384.6 million to institutional asset manager TwoPrime, and Bitdeer signed a $4.7 billion, 16-year lease to convert its Norway mining campus into an AI facility.
Canaan is reshaping its capital strategy by converting part of its Bitcoin [BTC] treasury into shareholder returns. Rather than selling assets to strengthen liquidity, the mining hardware maker will fund a $30 million share buyback because its market value trails the combined worth of its crypto holdings and cash, according to the announcement.
That discount suggests management believes the stock remains materially undervalued, especially with roughly $130 million in digital assets on its balance sheet. Investors welcomed the decision, sending the stock nearly 9% higher after the announcement.
Ongoing Bitcoin production provides a flexible funding source instead of leaving the treasury idle. This approach reflects disciplined capital allocation while preserving long-term Bitcoin exposure, and if the valuation gap persists, additional treasury sales could support further repurchases without weakening strategic Bitcoin reserves.
While Canaan uses its Bitcoin treasury to reward shareholders, MARA adopted a different treasury strategy. The company transferred 6,000 BTC, worth about $384.6 million, to TwoPrime over five hours, according to on-chain data. The transactions consisted of multiple 500 BTC transfers, but these movements do not necessarily indicate selling because TwoPrime also handles institutional asset management. The coins remained outside exchange wallets, pointing to more active treasury management rather than liquidation.
Beyond treasury optimization, miners are increasingly repurposing existing infrastructure toward AI computing. Bitdeer has signed a lease worth $4.7 billion for 16 years for its 121 MW campus in Norway, as announced, transforming it from a mining-focused site into a long-term AI and HPC facility backed by $1.3 billion in credit support.
This shift reflects growing demand for ready power as AI workloads expand. Bernstein’s warning that tighter approvals for grid connections in Texas could limit new capacity reinforces this strategy, as fewer energized sites entering the market makes already-secured facilities more valuable. Long-term contracts and scarce access to power could strengthen infrastructure valuations and reduce miners’ reliance on Bitcoin mining revenue cycles.
Together, these developments suggest miners are no longer accumulating Bitcoin passively. Instead, they are managing reserves more strategically and preserving long exposure while improving financial flexibility.
