Canaan buys Cipher’s 49% of West Texas mining venture for $39.75 million in stock

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Canaan buys Cipher’s 49% of West Texas mining venture for $39.75 million in stock The transaction gives Cipher a major shareholding in the Singapore-based company. By James Van Straten | Edited by Sheldon Reback Feb 24, 2026, 10:16 a.m. Make us preferred on Google Racks of mining machines. (Michal Bednarek/Shutterstock) What to know : Canaan Inc. acquired Cipher Mining’s 49% equity interest in the ABC Projects, three operational bitcoin mining sites in West Texas. The $39.75 million transaction was funded through the issuance of 806.4 million Class A ordinary shares. Canaan Inc. (CAN), a manufacturer of bitcoin mining hardware and an operator of crypto mining infrastructure, said it bought a 49% equity interest in a joint venture tied to several mining projects in West Texas from Cipher Mining (CIFR) for $39.75 million in stock. The transaction covers Cipher’s stake in the ABC Projects, which include Alborz LLC, Bear LLC and Chief Mountain LLC. The rest of the venture is owned by WindHQ, according to a Monday statement. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The purchase was funded through the issuance of 806.4 million Class A ordinary shares, equivalent to 53.8 million American depositary shares, and makes Cipher, a U.S.-based bitcoin mining company that develops and operates large-scale data centers, a major shareholder in Singapore-based Canaan. The shares are subject to a six-month lock-up. Canaan shares fell 6% on Monday, while Cipher shares rose 4%. Cipher is scheduled to report fourth-quarter earnings before the market opens on Feb. 24. The sites collectively operate 120 megawatts of energized power capacity and support approximately 4.4 exahashes per second (EH/s) of hashrate. Fleet efficiency stands at roughly 25.7 joules per terahash (J/TH). As part of the agreement, Canaan also purchased 6,840 Avalon A15Pro mining rigs that were previously deployed at Cipher’s Black Pearl facility, which is being converted into an AI and high-performance computing data center. Bitcoin News Bitcoin Mining AI mergers and acquisitions More For You Bitcoin's price discovery is moving to Chicago By Sam Reynolds | Edited by Omkar Godbole 3 hours ago CME’s shift to nonstop derivatives access may accelerate institutional migration away from traditional crypto exchanges, according to the Chief Commercial Officer of XBTO. What to know : Crypto derivatives such as ETF-linked options and futures could rival or exceed spot trading volumes on major global exchanges. As derivatives activity scales on regulated venues, volatility pricing in U.S. markets may play a larger role in setting bitcoin’s global price. The shift would further consolidate price discovery within regulated futures markets, extending their influence over the broader crypto ecosystem. Read full story Latest Crypto News Hong Kong's RedotPay said to plan blockbuster $1 billion IPO in New York: Bloomberg 57 minutes ago Bitcoin's price discovery is moving to Chicago 3 hours ago Polymarket bettors put $3 million on which crypto firm ZachXBT will expose next 3 hours ago Jane Street faces claims of insider trading that sped up Terraform's 2022 collapse 4 hours ago ETH, SOL, XRP extend losses as AI scare trade unsettles risk markets 4 hours ago Bitcoin dips under $63,000 and history says more pain ahead before bottom forms 5 hours ago Top Stories Anthony Pompliano led Procap Financial dips toe into buybacks 18 hours ago BitMine Immersion added $98 million of ether last week as losses balloon to more than $8 billion 20 hours ago Strategy logs 100th bitcoin purchase announcement, adding 592 coins last week for $39.8 million 20 hours ago Bitcoin ETFs bleed $3.8 billion in historic five-week outflow streak Feb 23, 2026 Ethereum's cofounder Vitalik Buterin sells more ether while prices continues to slide Feb 23, 2026