Canaan Inc. acquired Cipher Mining’s 49% equity interest in a joint venture comprising Alborz LLC, Bear LLC and Chief Mountain LLC, which operates about 120 MW of power capacity and approximately 4.4 EH/s of hashrate in West Texas. The roughly US$39.75 million transaction was funded through the issuance of 806,439,900 Canaan Class A ordinary shares to Cipher, equivalent to 53,762,660 ADSs priced at US$0.7394 per ADS, subject to a six-month lock-up. WindHQ LLC retains its 51% stake in the joint venture, and Canaan also purchased 6,840 Avalon A15Pro mining rigs from Cipher as part of the deal.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Canaan Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-26-018789), on February 24, 2026, and is solely responsible for the information contained therein.