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Public issuance of Bitcoin miner password backed by Fidelity and Morgan Stanley-Mining Bitcoin News

Bitfury’s Bitcoin mining business Cipher Mining announced that it will go public through a merger with a special purpose acquisition company (SPAC). The transaction valued the combined company at $2 billion and was funded by investors such as Morgan Stanley and Fidelity.

  • Cipher Mining Technologies Inc., a newly established bitcoin mining company based in the US-based Bitfury, announced on Friday that it will conduct a public offering through a merger with Good Works Acquisition Corp. (Nasdaq: GWAC). The transaction is expected to be completed in the second quarter.
  • According to Cipher Mining, the transaction valued the combined company at US$2 billion and “will provide the combined entity with a total cash income of US$595 million, including those from Fidelity Management and Research and Morgan Stanley. 425 million US dollars from Counterpoint Global and other investors”, Reuters reported. The transaction also received support from 25 other institutions.
  • The combined company is called Cipher Mining Inc. and is expected to be listed on the Nasdaq under the new stock symbol CIFR. JPMorgan Chase Securities and Wells Fargo Securities acted as financial advisors for Good Works and Cipher Mining transactions, respectively.
  • Cipher Mining explained that the new entity “will be established as an industrial-scale Bitcoin mining company, and added that its goal is to become the leading Bitcoin mining company in the United States.” Initially, plans are to be established in Ohio and Texas. Four data centers.
  • According to the announcement, as an independent company, the new entity will “have the potential to reach a cumulative deployment capacity of 745MW by the end of 2025.” In addition, its “U.S.-based data center plans to be online between the fourth quarter of 2021 and the second quarter of 2022, with a total capacity of 445 MW, and plans to deploy another 300 MW between 2023 and 2025.
  • Good Works is a publicly traded special purpose acquisition company (SPAC) with a trust of approximately $170 million. SPAC is a shell company that acquires private companies by raising funds with the purpose of issuing them to the public. This allows the target company to avoid the traditional initial public offering (IPO).

What do you think of the listing of this Bitcoin mining company? Let us know in the comments section below.

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