Canaan has acquired a 49% stake in three operational Texas Bitcoin mining facilities for $39.75 million, expanding its US infrastructure footprint with 120 megawatts of power and 4.4 exahashes per second of hashrate.
The purchase covers joint venture entities Alborz LLC, Bear LLC and Chief Mountain LLC, collectively known as the ABC Projects, with renewable energy partner WindHQ retaining a 51% interest following the transaction.
“By increasing our exposure to high-quality, low-cost operational power assets in Texas, we are aligning our proprietary technology with critical infrastructure to drive long-term efficiency and scale,”
Said Canaan chairman and chief executive officer, Nangeng Zhang.
The three facilities are already operational and benefit from electricity costs below $0.03 per kilowatt-hour within the ERCOT market, while Canaan also acquired 6,840 Avalon A15Pro mining rigs previously deployed at Cipher’s Black Pearl site, which is being converted into an AI and high-performance computing data centre.
The deal was funded through the issuance of 806,439,900 Class A shares, equivalent to 53,762,660 American Depositary Shares priced at $0.7394 per ADS and subject to a six-month lock-up, and following the announcement the Canaan share price was unchanged at $0.74.
Canaan reported fourth-quarter 2025 revenue of $196.3 million, up 121.1% year on year, with Bitcoin mining revenue rising 98.5% to $30.4 million and its treasury expanding to 1,750 BTC as it shipped a record 14.6 EH/s and lifted installed hashrate to 9.91 EH/s.
The acquisition comes as Bitcoin miners increasingly pivot towards artificial intelligence and data centre infrastructure, with companies including MARA Holdings, Hive Digital Technologies, Hut 8 and TeraWulf expanding into AI and cloud services as margins tighten across the sector.
At the time of reporting, Bitcoin price was $64,168.39.