Crypto stock surges after surprising new acquisition

Another consolidation move is unfolding in West Texas, and this time, it is reshaping ownership inside one of the region’s active Bitcoin (BTC) mining clusters. Canaan Inc. (NASDAQ: CAN), the Singapore-based manufacturer of Bitcoin mining hardware and operator of crypto infrastructure, has acquired a 49% equity interest in a joint venture tied to multiple mining projects in West Texas from Cipher Mining (NASDAQ: CIFR). Cipher is a U.S.-based Bitcoin miner that develops and operates large-scale data cent ...