Sale of 49% stake in mining sites and equipment to Canaan Inc.
Company: Cipher Mining
The claim, verbatim
Divested 49% interest in three 40 MW joint venture sites (Alborz, Bear, and Chief) and select bitcoin mining machines deployed at Black Pearl to Canaan Inc. for approximately $40 million in all-stock transaction
Source (primary)
cipher-mining 8-K exhibit (exh991q4fy25_earningsprxvf.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-13)Live source ↗
Quote: “Cipher sold its 49% interest in the three 40 MW joint venture sites, Alborz, Bear, and Chief, as well as select bitcoin mining machines previously deployed at Black Pearl. These non-core assets were acquired by Canaan Inc., a vertically integrated innovator in crypto mining, for approximately $40 million in an all-stock transaction.”
How we checked this
Checked on September 21, 2026. The cited source supports every part of this claim.
The document confirms every element of the divestiture to Canaan Inc. for ~$40 million all-stock.
Confirmed in the source:
- Cipher sold its 49% interest in the three 40 MW joint venture sites Alborz, Bear, and Chief
- the sale included select bitcoin mining machines previously deployed at Black Pearl
- the assets were acquired by Canaan Inc.
- the transaction was for approximately $40 million in an all-stock transaction
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/exh991q4fy25_earningsprxvf.htm) in full (18,952 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms cipher-mining 8-K exhibit (exh991q4fy25_earningsprxvf.htm)
Quote: “Cipher sold its 49% interest in the three 40 MW joint venture sites, Alborz, Bear, and Chief, as well as select bitcoin mining machines previously deployed at Black Pearl. These non-core assets were acquired by Canaan Inc., a vertically integrated innovator in crypto mining, for approximately $40 million in an all-stock transaction.”