Canaan Secures New Tether Order as Partnership Expands Into Immersion-Cooled Bitcoin Mining

Canaan has secured an additional order from Tether for custom Bitcoin mining hardware, extending their collaboration beyond earlier research and development work. Under the new agreement, Canaan will supply high-density hash board modules designed for immersion-cooled mining systems, which are scheduled for deployment at a Tether-linked facility in South America.

The order follows a 2025 research partnership with ACME Swisstech that produced a proof-of-concept platform focused on improving mining efficiency and scalability. The latest deal also includes an option for further purchases, allowing Tether to scale operations depending on system performance.

Canaan, a Singapore-based technology firm specializing in ASIC microprocessors, currently holds 1,808 BTC on its balance sheet, valued at approximately $137 million its highest recorded level of retained Bitcoin to date.

Tether Pushes Toward Integrated Mining and Software Control

Tether is simultaneously developing its own control boards and management software, signaling a move toward fully integrated mining systems. The company recently released an open-source framework that allows operators to manage both hardware and software through a single platform, reinforcing its long-term infrastructure strategy.

Industry Shift Toward AI and Data Center Infrastructure Continues

The announcement comes as Bitcoin miners increasingly diversify beyond traditional operations. Companies such as HIVE Digital, TeraWulf and MARA Holdings are expanding into artificial intelligence and data center workloads to offset mining revenue pressure.

Market reaction remained modest, with Canaan’s Nasdaq-listed shares declining about 1% in midday trading. Meanwhile, the CoinShares Bitcoin Mining ETF (WGMI), which holds Canaan shares at less than 0.6% weighting, fell roughly 5.7%, reflecting broader weakness across mining stocks.