B. Riley Securities, a full-service investment bank, served as exclusive financial advisor to Canaan in its acquisition of certain mining assets from Cipher Digital, formerly Cipher Mining Technologies.
The transaction included the acquisition of Cipher’s 49% equity interest in Alborz, Bear and Chief Mountain, collectively known as the “ABC Projects,” which currently operate a total of 120 MW of power capacity and support ~4.4 EH/s of total operating hashrate.
In connection with the transaction, Canaan also purchased an additional 6,840 Canaan Avalon A15Pro-AVG-221T mining rigs from Cipher. The mining rigs were originally purchased from Canaan in July 2025 and energized at Cipher’s Black Pearl site, which is being converted into an AI-HPC data center.
Total consideration for the acquisition is approximately $39.75 million. The transaction was funded through the issuance of 806,439,900 Canaan Class A ordinary shares to Cipher, equivalent to 53,762,660 American Depositary Shares, priced at $0.7394 per ADS and subject to a lock-up period of six months.
B. Riley Securities’ deal team was led by Joe Nardini and included Alex Wolodzko and Henry Gullen.
