Canaan Acquires Cipher's 49% Stake in Texas Bitcoin Mining Venture for $39.75M in Stock

Leading Bitcoin mining hardware manufacturer Canaan Inc. (NASDAQ: CAN) has finalized a strategic acquisition, purchasing Cipher Mining's 49% ownership stake in their joint West Texas mining venture. The deal, valued at approximately $39.75 million, was executed through an all-stock transaction. This move grants Canaan full operational control over the Texas-based mining facility, significantly expanding its self-mining capacity and vertical integration within the cryptocurrency ecosystem. The acquisition underscores Canaan's commitment to strengthening its footprint in North American Bitcoin mining and highlights ongoing industry consolidation as miners seek greater efficiency and control over their operations.