Bitcoin Miner Liquidates Ethereum Treasury, Allocates Portion of Cash to Share Buybacks

While BitFuFu’s Bitcoin production rebounded in August, Canaan sold off its entire Ethereum holdings, directing a portion of the cash toward share buybacks.

August 2026 results for publicly traded Bitcoin miners showed that companies followed different strategies during the same period. BitFuFu increased its production from 112 BTC in July to 174 BTC, while Canaan’s Bitcoin production declined for the third consecutive month.

The recovery at BitFuFu came with a rapid increase in mining capacity. The total processing power managed by the company increased by 45.1 percent month-over-month to reach 20.6 EH/s. With the capacity secured in June and July coming online, cloud mining production rose from 40 BTC to 86 BTC. Production from the company’s own mining operations also increased from 72 BTC to 88 BTC.

Canaan completely emptied its Ethereum treasury

Canaan’s Bitcoin production fell from 46 BTC in July to 44 BTC in August. The company sold all 3,952 ETH and 54 BTC in its treasury. Average selling prices were approximately $2,400 for Ethereum and $79,000 for Bitcoin. The transactions provided Canaan with approximately $13.9 million in cash.

The company did not use the entire amount for share buybacks. Canaan allocated $5.4 million of the cash to repurchase 13.6 million American depositary shares. At the end of August, the company held 1,868 BTC, and its Ethereum balance was zeroed out.

BitFuFu’s Bitcoin holdings also rose from 1,314 BTC to 1,373 BTC during the month. The company thus ranked 39th among publicly traded Bitcoin treasuries.

CleanSpark, on the other hand, slightly increased its production in August compared to July, producing a total of 4,903 BTC in the first eight months of 2026. The company’s Bitcoin holdings fell to 13,703 BTC following spot market sales and other transactions.