Cryptocurrency mining company Canaan has acquired a 49% stake in the ABC Projects joint venture from Cipher Mining for approximately $39.75 million.

On February 24, 2026 | 21:33 Update:

The sale of Cipher's stake in the Alborz, Bear, and Chief data centers is part of a strategic shift towards high-performance computing (HPC). This was noted in a report on preliminary financial results for Q4 and the full year of 2025.

To emphasize its changing priorities and business model, the firm has undergone a rebranding and officially changed its name to Cipher Digital.

“The quarter reflected the growing momentum of our transformation into a leading data center developer for HPC,” said CEO Tyler Page.

During the reporting period, Cipher increased its leasing agreements with Fluidstack and Google, and also secured its first contract with Amazon, he added. Future plans involve expanding services for the AI segment at the Barber Lake and Black Pearl sites.

Canaan financed the purchase with its own shares. Cipher will receive 53.7 million American Depositary Shares (ADS) at a rate of $0.7394 per share.

The parties agreed to a six-month lock-up period on the sale of these assets.

The ABC Projects enterprise includes three data centers in Texas, USA, with a total capacity of 120 MW and a hashrate of 4.4 EH/s.

The main advantage of these sites is their low electricity cost, averaging less than $0.03 per kWh. The controlling stake (51%) will remain with WindHQ.

As part of the deal, Canaan also purchased 6,840 Avalon A15Pro ASIC miners from Cipher, which were previously operational at the Black Pearl site. Cipher is currently retrofitting the site for an AI data center.

Canaan CEO Nangeng Zhang described the acquisition as a significant step for the company’s entry into the North American market. The manufacturer plans to directly develop infrastructure in the U.S., aiming to increase energy consumption to 1 GW by the end of 2026. This strategy will combine traditional Bitcoin mining with data centers for AI.

Cipher's Tyler Page noted that his company agreed to accept shares as payment because it believes in Canaan's long-term growth in the U.S. market.

The miner reported a significant recovery in financial performance in Q4, with revenues of $196 million. This is a 121% increase year-over-year and represents the company's best quarterly sales figures in the last three years.

However, Canaan's shares fell by 5.71% to $0.43, with a 38.71% decrease over the past month.

Source: Google Finance.

Recall that in January, Nasdaq notified Canaan of non-compliance with listing price requirements.