{"id":17575,"date":"2021-03-05T19:00:23","date_gmt":"2021-03-05T19:00:23","guid":{"rendered":"http:\/\/ci027d53b4b00027c4"},"modified":"2021-03-05T19:00:23","modified_gmt":"2021-03-05T19:00:23","slug":"bitcoin-mining-company-cipher-mining-to-go-public-via-spac-valued-at-2-billion","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/bitcoin-mining-company-cipher-mining-to-go-public-via-spac-valued-at-2-billion","title":{"rendered":"Bitcoin Mining Company Cipher Mining To Go Public Via SPAC, Valued At $2 Billion"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Today, <a href=\"https:\/\/www.businesswire.com\/news\/home\/20210305005234\/en\/Cipher-Mining-Inc.-a-Newly-Formed-US-based-Bitcoin-Mining-Company-to-Become-a-Publicly-Traded-Company-via-a-Merger-with-Good-Works-Acquisition-Corp\" target=\"_blank\" rel=\"noopener\">Cipher Mining Technologies announced<\/a> that it plans to go public via a merger with Good Work Acquisition Corp. Cipher Mining was recently formed as a subsidiary of Dutch Bitcoin mining company <a href=\"https:\/\/bitcoinmagazine.com\/tags\/bitfury\">Bitfury<\/a>. <\/p>\n<p>\u201cThe combined company, to be named Cipher Mining Inc, is expected to be listed on the Nasdaq under the ticker symbol \u2018CIFR,\u2019\u201d <a href=\"https:\/\/www.reuters.com\/article\/cipher-mining-ma-good-works-acquisition-idUSL3N2L33CE\" target=\"_blank\" rel=\"noopener\"><em>Reuters<\/em><\/a> reported.<\/p>\n<p>Following the merger with Good Work that values the combined company $2 billion, the merged company is expected to be the largest bitcoin mining operation in the U.S, according to the announcement. Merging with Good Works, a special purpose acquisition company (SPAC), allows Cipher to sidestep the traditional IPO system in going public. <\/p>\n<p>The regulation and institutionalization of Bitcoin miners will allow investors to gain exposure via trusted and recognized avenues. <\/p>\n<p>\u201cWe were attracted to Cipher Mining as we believe the Bitcoin mining space represents a compelling way to gain risk-adjusted exposure to the growing crypto ecosystem,&#8221; Good Works\u2019 Doug Wurth stated in the announcement.<\/p>\n<p>\u201cThe deal will provide the merged entity with gross cash proceeds of $595 million, which includes $425 million from investors including Fidelity Management &amp; Research Company and Morgan Stanley\u2019s Counterpoint Global,\u201d <em>Reuters<\/em> reported.<\/p>\n<p>The transaction is representative of the growing interest in regulated, Bitcoin-focused entities. As the economic incentive for Bitcoin mining grows, these institutionalized public businesses bolster the network and invite new investment in the space. <\/p>\n<p>The merger is expected to be complete before the end of Q2 2021.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitfury subsidiary Cipher Mining Technologies is merging with Global Acquisition Group and going public on Nasdaq.<\/p>\n","protected":false},"author":2730,"featured_media":9484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[2539,97,340,997],"class_list":["post-17575","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bitfury","tag-mining","tag-nasdaq","tag-public-listing"],"author_data":{"id":2730,"name":"BtcCasey","nicename":"casey","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/02\/jn_tjlo_400x400.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitmain-announces-antminer-s17-date-can-it-turn-the-companys-fortunes-around.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/17575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2730"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=17575"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/17575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/9484"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=17575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=17575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=17575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}