Crypto currency mining company Cipher has announced that it will proceed with a public offering through a merger with SPAC, Good Works Acquisition Corp, in a deal that values the new entity at $2 billion.
The deal will bring in $595 million in cash to the new company, including $425 million from institutional investors such as Fidelity Management & Research Company and Morgan Stanley’s Counterpoint Global.
Cipher Mining is a start-up crypto currency mining company and unit of blockchain mining tools and software vendor Bitfury Top HoldCo.
Good Works Acquisition Corp. is a special purpose acquisition company (SPAC) that raised $150 million through a public offering last year.
The new company, to be called Cipher Mining Inc, is expected to be listed on the Nasdaq under the “CIFR” symbol.
JP Morgan and Wells Fargo were appointed as financial advisers to the agreement.