Cipher Mining, a bitcoin mining operation of Bitfury, has announced that it is going public via a merger with a special purpose acquisition company (SPAC). The deal values the combined company at $2 billion, with funding from investors such as Morgan Stanley and Fidelity.
- Cipher Mining Technologies Inc., a newly formed U.S.-based bitcoin mining operation of Bitfury, announced Friday it will go public through a merger with Good Works Acquisition Corp. (Nasdaq: GWAC). The transaction is expected to close in the second quarter.
- According to Cipher Mining, the deal values the combined company at $2 billion and “will provide the merged entity with gross cash proceeds of $595 million, which includes $425 million from investors including Fidelity Management & Research Company and Morgan Stanley’s Counterpoint Global,” Reuters reported. The deal is also backed by 25 other institutions.
- The merged company, to be named Cipher Mining Inc., is…