Canaan Technology completes $39.75 million equity financing for Cipher Mining project

SmartContractAuditor · 2026-02-24T04:46:08+00:00

Canaan Technology completed a $39.75 million financing by issuing 806,439,900 Class A common shares to Cipher Mining, acquiring a 49% stake in its Bitcoin mining farm project in West Texas, and repurchasing 6,840 mining machines. After the transaction, Cipher Mining became an important shareholder of Canaan Technology, with a six-month lock-up period on the shares.

SmartContractAuditor

2026-02-24 04:46:08

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Odaily Planet Daily reports that Canaan Inc. announced the completion of a $39.75 million financing by issuing 806,439,900 Class A common shares (approximately 53,762,660 ADS) to Cipher Mining, acquiring a 49% stake in its three Bitcoin mining farm projects in West Texas (ABC Projects: Alborz LLC, Bear LLC, Chief Mountain LLC). The project mainly operates Bitcoin mining farms with a total power capacity of 120 MW and approximately 4.4 EH/s of total hash rate. The transaction also includes Canaan’s repurchase of 6,840 mining machines from Cipher Mining, which were originally planned to be deployed at the Black Pearl site, now transitioning into an AI data center. After the deal is completed, Cipher Mining becomes a significant shareholder of Canaan, with a six-month lock-up period on the shares.

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