Canaan Acquires Cipher Mining Technologies' 49% Stake In ABC Projects For ~$39.75M

Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has acquired Cipher Mining Technologies Inc.'s (NASDAQ: CIFR) ("Cipher") 49% equity interest in the joint venture comprising Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"). Following the acquisition, the Company now owns a 49% stake in the ABC Projects, while WindHQ LLC ("WindHQ") maintains its 51% stake in the ABC Projects. The sites currently operate a total of 120 MW of power capacity and support ~4.4 EH/s of total operating hashrate. Fleet efficiency currently stands at ~25.7 J/TH with the potential for hardware and infrastructure upgrades. As part of the transaction, the Company also purchased an additional 6,840 Canaan Avalon A15Pro-AVG-221T mining rigs from Cipher. The mining rigs were originally purchased from Canaan in July 2025 and energized at Cipher's Black Pearl site, which is being converted into an AI-HPC data center.  

The total consideration for the transaction is approximately US$39.75 million. To preserve the Company's financial flexibility, the transaction was funded through the issuance of 806,439,900 Canaan Inc. Class A ordinary shares to Cipher, equivalent to 53,762,660 American Depositary Shares ("ADS"), priced at US$0.7394 per ADS and subject to a lock-up period of six months.