Canaan is reshaping its capital strategy by converting part of its Bitcoin [BTC] treasury into shareholder returns. This approach reflects disciplined capital allocation while preserving long-term Bitcoin exposure. Bitcoin becomes a strategic assetWhile Canaan uses its Bitcoin treasury to reward shareholders, MARA adopted a different treasury strategy. Mining assets become strategicBeyond treasury optimization, miners are increasingly repurposing existing infrastructure towards AI computing. Long-term contracts and scarce access to power could strengthen the valuation of infrastructure and reduce the reliance of miners on revenue cycles related to mining Bitcoin.