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…

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Source: https://news.bitcoin.com/2-billion-merger-bitcoin-miner-cipher-mining-going-public-fidelity-morgan-stanley/