Bitcoin Miners Reposition Capital and Infrastructure: Canaan Targets Buybacks, MARA Activates Treasury, Bitdeer Pivots to AI

Canaan is overhauling its capital playbook, leaning on its Bitcoin (BTC) treasury to boost shareholder returns. Instead of selling assets to shore up liquidity, the mining hardware maker plans a $30 million share repurchase, arguing its market capitalization sits below the combined value of its crypto holdings and cash. With roughly $130 million in digital assets on the balance sheet, management appears to see the stock as meaningfully undervalued. Shares rose nearly 9% after the announcement. A key element of the strategy is optionality: ongoing BTC production can serve as a flexible source of funding, allowing the company to keep long-term Bitcoin exposure while deploying capital more actively. If the valuation discount persists, additional treasury monetization could be used to support further buybacks without materially undermining strategic reserves. MARA is taking a different approach to its BTC holdings, signaling a shift toward more active treasury management. The company moved 6,000 BTC—valued at about $384.6 million—to TwoPrime over roughly five hours through multiple transfers of 500 BTC each. The flows do not necessarily indicate selling, as TwoPrime also provides institutional asset management. The distinction is notable because the coins did not move into exchange wallets. Taken together, the moves point to a broader shift across the sector: miners are treating Bitcoin less like a passive stockpile and more like a strategic balance-sheet tool, aiming to preserve long exposure while improving financial flexibility. Beyond treasury decisions, miners are also repositioning physical assets as demand for AI compute rises. Bitdeer signed a 16-year lease valued at $4.7 billion for its 121 MW campus in Norway, converting the site from a mining-centric operation into a long-term AI and high-performance computing (HPC) facility. The project includes $1.3 billion in credit support. The strategy is reinforced by tightening power constraints elsewhere. Bernstein has warned that stricter grid approvals in Texas could curb new capacity, increasing the value of already-energized sites. With long-duration contracts and scarce access to power, AI-ready infrastructure could command higher valuations and reduce miners' dependence on Bitcoin mining revenue cycles. Final Summary: Bitcoin miners are increasingly turning treasury assets and infrastructure into levers for strategic growth. Bitcoin is evolving from a reserve asset into an active driver of long-term capital strategy.