Bitcoin miner Cipher to go public via $2 billion SPAC merger

Bitcoin miner Cipher to go public via $2 billion SPAC merger

News: Bitcoin miner Cipher to go public via $2 billion SPAC merger.

(Reuters) – Cipher Mining Inc announced Friday that it will go public through a merger with blank check company Good Works Acquisition Corp, with the combined company valued at $ 2 billion.

The transaction will provide the combined company with gross proceeds of $ 595 million, including $ 425 million from investors such as Fidelity Management & Research Company and Morgan Stanley’s Counterpoint Global.

The combined company, named Cipher Mining Inc, is expected to be listed on the Nasdaq under the ticker symbol “CIFR.”

Cipher Mining is a newly formed cryptocurrency mining company and a unit of Bitfury Top HoldCo, a provider of Bitcoin mining tools and blockchain software.

Good Work, a Special Purpose Acquisition Company (SPAC), raised $ 150 million last year through an IPO.

SPACs are shell companies that raise funds to acquire a private company in order to go public so that such targets can bypass a traditional IPO to enter public markets.

JP Morgan Securities LLC and Wells Fargo Securities LLC are acting as financial advisors to Good Works and Cipher Mining, respectively.

Reporting by Sohini Podder in Bengaluru; Arrangement by Krishna Chandra Eluri

Original Source © Reuters

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