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

  • Cipher Mining Technologies announced it will go public through a merger with blank-check company Good Works Acquisition.
  • The deal values the combines entity at $2 billion.
  • The transaction is expected to close in the second quarter of 2021.

Newly formed bitcoin mining operation Cipher Mining Technologies announced it will go public in a merger with blank-check company Good Works Acquisition. The deal values the combined entity at $2 billion.

The transaction is expected to close in the second quarter of 2021. Upon closing, the combined companies will be named Cipher Mining and will trade under the Nasdaq ticker symbol CIFR.

“We were attracted to Cipher Mining as we believe the Bitcoin mining represents a compelling way to gain risk-adjusted exposure to the growing ecosystem,” said Good Works Co-Chairman Doug Wurth in a statement.

Cipher Mining is a subsidiary of Bitfury Top HoldCo B.V or Bitfury Group. Since 2011, the Bifury Group has been a provider of bitcoin mining hardware and other blockchain software and services.

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

Tags: Business Insider, Cipher, Crypto, Good Works Acquisition, Nasdaq, PIPEs