Home Bitcoin News Bitcoin Mining Bitcoin mining company Cipher to go public via $2 billion SPAC merger with Good Works – Business Insider

Bitcoin mining company Cipher to go public via $2 billion SPAC merger with Good Works – Business Insider

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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 anticipated to shut within the second quarter of 2021. Upon closing, the mixed firms might be named Cipher Mining and can commerce below the Nasdaq ticker image CIFR.

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

“We have been drawn to Cipher Mining as we consider the Bitcoin mining area represents a compelling option to acquire risk-adjusted publicity to the rising crypto ecosystem,” stated Good Works Co-Chairman Doug Wurth in a statement

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 companies.

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