Catenaa, Friday, February 27, 2026- Canaan Inc. has acquired Cipher Mining’s 49% equity interest in three West Texas bitcoin mining projects, including Alborz LLC, Bear LLC, and Chief Mountain LLC, in a transaction valued at roughly $40 million.
The remaining 51% stake continues to be held by WindHQ.
The acquisition was settled through the issuance of 806,439,900 Class A ordinary shares to Cipher, equivalent to 53,762,660 American Depositary Shares at $0.7394 per ADS.
The shares are subject to a six-month lock-up period. Canaan also purchased 6,840 mining rigs from Cipher, previously deployed at the Black Pearl facility, which will be repurposed into an AI-HPC data center.
The sites have a combined 120 MW of power capacity and support 4.4 EH/s of total operating hashrate. Canaan stated the acquisition supports its North American energy strategy, focusing on integrating bitcoin mining with AI-HPC colocation and direct US power applications.
The company aims to scale its project pipeline toward gigawatt-level capacity by the end of 2026.
Canaan reported a strong fourth-quarter 2025 performance, with $196 million in revenue, up 121% year-over-year, driven mainly by mining machine sales.
Despite this, its Nasdaq stock fell 5.71% on Monday and has declined 41% over the past month.
Chairman and CEO Nangeng Zhang said the deal strengthens corporate governance ties with Cipher and aligns proprietary technology with high-quality operational power assets, aiming to enhance efficiency and long-term scale.
