Canaan Acquires 49% Stake in Cipher Mining for Approximately $39.75M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 23 2026
0mins
Should l Buy CAN?
Canaan (CAN) has acquired Cipher Mining's (CIFR) 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 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 total consideration for the transaction is approximately $39.75M. The transaction was funded through the issuance of 806,439,900 Canaan Inc. Class A ordinary shares to Cipher, equivalent to 53,762,660 ADSs, priced at $0.7394 per ADS and subject to a lock-up period of six months.
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Analyst Views on CAN
Wall Street analysts forecast CAN stock price to rise
5 Analyst Rating
4 Buy
1 Hold
0 Sell
Strong Buy
Current: 0.494
Low
1.75
Averages
2.85
High
4.00
Current: 0.494
Low
1.75
Averages
2.85
High
4.00
About CAN
Canaan Inc. provides high performance computing solutions through its proprietary application-specific integrated circuits (ASICs). The Company is a fabless IC designer engaged in the front-end and back-end of IC design. The Company primarily offers its technology and expertise in ASIC applications to Bitcoin mining machines and is also a producer of Bitcoin mining machines in the global market. The Company, through its subsidiaries, independently designs and develops its products in-house, including the design of proprietary ASIC chips for its Bitcoin mining machines. It has in-house production capabilities to assemble both Bitcoin mining machines and artificial intelligence (AI) chips. It assembles its Bitcoin mining machines primarily at its assembly plant located in the People’s Republic of China (PRC) by integrating the ICs designed by the Company and related components it procures. It also intends to engage in Bitcoin mining through self-owned facilities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Dynamics: The surge in Funko's stock price, coupled with strategic recommendations from its investors, may attract further investor interest, potentially boosting its market performance and overall valuation.
- Private Equity Opportunities: In the private equity space, David Altshuler from Cresta Fund Management discussed opportunities in the energy transition market, reflecting investor interest in the potential value of Funko and similar companies.
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See More
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- Miner Efficiency Improvement: The global average miner efficiency slightly improved to 24.2 J/TH, reflecting Canaan's stable operational performance, which further strengthens its competitive position in the market.
- Power Cost Management: The average all-in power cost for the month was US$0.043 per kWh, supported by effective power curtailment strategies with joint mining partners, ensuring the company's advantage in cost control.
See More
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- Revenue Surge: The company reported Q4 revenue of $196.3 million, a 121.1% year-over-year increase, surpassing market expectations by $20.62 million, demonstrating strong demand and an expanding market share in the Bitcoin mining sector.
- Bitcoin Revenue: Bitcoin mining revenues reached $30.4 million, up 98.5% year-over-year, which not only enhanced the company's overall revenue structure but also strengthened its competitive position in the cryptocurrency market.
- Future Outlook: Canaan expects Q1 2026 total revenues to range between $60 million and $70 million, below the consensus of $155.64 million, reflecting challenges in near-term market conditions and evolving customer dynamics, indicating the company's cautious approach to the market environment.
See More
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- Record Computing Power: Canaan achieved over 36.5 EH/s in total computing power sold in 2025, a 40.7% year-over-year growth, driven by deepening global client partnerships that improved production efficiency and market competitiveness.
- Strong Financial Health: As of December 31, 2025, Canaan maintained a cash balance of $81 million, indicating robust liquidity for navigating market volatility and seizing future growth opportunities.
See More
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- Global Hashrate Increase: The company's global hashrate exceeded 10 EH/s in January 2026, with an operating hashrate of 6.63 EH/s at month-end, indicating its agility in responding to high demand periods, which helps improve long-term economic benefits.
- Energy Efficiency Initiatives: Canaan launched a 3.0 MW heat recovery project in Manitoba, Canada, aiming for 95% uptime, showcasing the company's innovative capabilities in energy reuse and further advancing its sustainability strategy.
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