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27 Feb 2026

Norton Rose Fulbright represents Cipher Mining in sale of 49% interest in West Texas bitcoin mining joint venture to Canaan Inc

"Norton Rose Fulbright represented Cipher Mining Technologies Inc. in the sale of its 49% interest in a West Texas bitcoin mining joint venture (Alborz, Bear and Chief Mountain LLC) to Canaan Inc. The all‑stock transaction, valued at about US$40 million and closed Feb 18, 2026, involved issuance of over 800 million Class A shares to Cipher and the sale of 6,840 mining rigs; WindHQ retains 51%."

Norton Rose Fulbright represented Cipher Mining Technologies Inc. in the sale of its 49 percent interest in a crypto mining joint venture to Canaan Inc. The transaction, which closed on February 18, 2026 and was valued at approximately US$40 million, transferred Cipher’s 49 percent stake in the joint venture comprising Alborz LLC, Bear LLC and Chief Mountain LLC (the ABC Projects). Those entities are engaged in the development, construction and operation of bitcoin mining infrastructure in West Texas within the ERCOT market, where sites benefit from low power costs under long‑term grid contracts and the integration of off‑grid wind power. The deal was structured as an all‑stock transaction and was funded by the issuance of more than 800 million Class A ordinary shares to Cipher, making Cipher a significant shareholder in Canaan. The transaction also included the sale of 6,840 Canaan Avalon A115Pro‑AVG‑221T bitcoin mining rigs. WindHQ LLC retains a 51 percent ownership interest in the projects. Norton Rose Fulbright represented Cipher Mining Technologies Inc. with a team composed by: Erin Mitchell (Houston), Christy Rivera (New York), Alec Mitrovich (Austin), Luke Edney (Austin), Amelia Zhang (Houston), Kevin Gieseke (Houston), Jesse Hollingsworth (Dallas) and Lauren Thomas (Austin).
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