---
title: "Canaan Technology completes $39.75 million equity financing for the acquisition of the Cipher Mining project."
description: "Canaan Creative has completed a $39.75 million equity financing to acquire a 49% stake in Cipher Mining's three Bitcoin mining projects in West Texas. This financing involved issuing approximately 806"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276684587.md"
published_at: "2026-02-24T04:43:00.000Z"
---

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

> Canaan Creative has completed a $39.75 million equity financing to acquire a 49% stake in Cipher Mining's three Bitcoin mining projects in West Texas. This financing involved issuing approximately 806.4 million Class A ordinary shares. The projects have a total power capacity of 120 MW and a hashrate of about 4.4 EH/s. Additionally, Canaan repurchased 6,840 mining rigs from Cipher Mining. Following this transaction, Cipher Mining has become a significant shareholder in Canaan Creative, with shares under a six-month lock-up period.

Canaan Creative announced the completion of a $39.75 million financing round, acquiring a 49% stake in Cipher Mining's three Bitcoin mining farm projects (ABC projects: Alborz LLC, Bear LLC, and Chief Mountain LLC) in West Texas through the issuance of 806,439,900 Class A ordinary shares (approximately 53,762,660 ADSs). The projects primarily operate Bitcoin mining farms with a total power capacity of 120 MW and a total hashrate of approximately 4.4 EH/s. The transaction also included the repurchase of 6,840 mining rigs from Cipher Mining, originally planned for deployment at the Black Pearl site, which is currently transforming into an AI data center. Following the transaction, Cipher Mining became a significant shareholder of Canaan Creative, with its shares subject to a six-month lock-up period.

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## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.