Bitcoin mining firm Cipher to go public by way of $2

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Bitcoin generic images
Alain Pitton/NurPhoto by way of Getty Pictures

Newly shaped bitcoin mining operation Cipher Mining Applied sciences introduced it should go public in a merger with blank-check firm Good Works Acquisition. The deal values the mixed entity at $2 billion.

The transaction is predicted to shut within the second quarter of 2021. Upon closing, the mixed firms will probably be named Cipher Mining and can commerce beneath the Nasdaq ticker image CIFR.

The deal is predicted to present the mixed firms $595 million in gross money proceeds, which features a $425 million PIPE (personal funding in public fairness) from traders comparable to Constancy Administration & Analysis Firm and Counterpoint World, a unit of Morgan Stanley.

“We had been drawn to Cipher Mining as we consider the Bitcoin mining area represents a compelling method to achieve risk-adjusted publicity to the rising crypto ecosystem,” mentioned Good Works Co-Chairman Doug Wurth in an announcement.

Cipher Mining is a subsidiary of Bitfury High HoldCo B.V or Bitfury Group. Since 2011, the Bifury Group has been a supplier of bitcoin mining {hardware} and different blockchain software program and providers.

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