Norton Rose Fulbright represents Cipher Mining in sale of operational mining venture interest

Global law firm Norton Rose Fulbright represented Cipher Mining Technologies Inc. in the sale of its 49 percent interest in a crypto miningjoint venture to Canaan Inc. The transaction, valued at approximately US$40 million, closed on February 18, 2026.

The joint venture comprises Alborz LLC, Bear LLC and Chief Mountain LLC, collectively the ABC Projects, each of which are engaged in the development, construction and operation of bitcoin mining infrastructure in West Texas. Located in the ERCOT market, these sites offer low power costs through long-term grid contracts and the integration of off-grid wind power.

The all-stock transaction was funded by issuing more than 800 million Class A ordinary shares to Cipher, making the company a significant shareholder in Canaan. The deal also included the sale of 6,840 Canaan Avalon A115Pro-AVG-221T bitcoin mining rigs. WindHQ LLC retains its 51 percent ownership interest in the projects.

Norton Rose Fulbright's deal team was led by Erin Mitchell (Houston), Christy Rivera (New York) and Alec Mitrovich (Austin). It also included Luke Edney (Austin), Amelia Zhang (Houston), Kevin Gieseke (Houston), Jesse Hollingsworth (Dallas) and Lauren Thomas (Austin).