• 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. • 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. • (CAN), a manufacturer of bitcoin mining hardware and an operator of crypto mining infrastructure, said itbought a 49% equity interestin 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.

Article Summaries:

  • Canaan Inc. has acquired Cipher Mining’s 49 % equity stake in the ABC Projects, a joint venture operating three bitcoin‑mining sites in West Texas, for $39.75 million paid in stock. The deal was financed by issuing 806.4 million Class A ordinary shares (≈53.8 million ADRs) and gives Cipher a major shareholding in Singapore‑based Canaan. The ABC Projects, owned jointly with WindHQ, run 120 MW of power and 4.4 EH/s of hashrate. Canaan also purchased 6,840 Avalon A15Pro rigs from Cipher’s Black Pearl facility, which is being repurposed for AI and HPC. Canaan shares fell 6 % on the announcement, while Cipher shares rose 4 %.

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