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

2026-02-24 11:47:44

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ChainCatcher News: Canaan Inc. announced the completion of a $39.75 million financing round by issuing 806,439,900 shares of Class A common stock (approximately 53,762,660 ADS) to Cipher Mining, acquiring a 49% stake in three Bitcoin mining farm projects in West Texas.

The main business of the project is operating Bitcoin mining farms with a total power capacity of 120 MW and a total hash rate of approximately 4.4 EH/s. The transaction also includes Canaan repurchasing 6,840 mining machines from Cipher Mining, which were originally planned to be deployed at the Black Pearl site, now being transformed into an AI data center. After the deal, Cipher Mining became a significant shareholder of Canaan, with a six-month lock-up period on the shares.

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