Bitfury subsidiary Cipher Mining Applied sciences is merging with International Acquisition Group and going public on Nasdaq.
At present, Cipher Mining Applied sciences introduced that it plans to go public through a merger with Good Work Acquisition Corp. Cipher Mining was just lately shaped as a subsidiary of Dutch Bitcoin mining firm Bitfury.
“The mixed firm, to be named Cipher Mining Inc, is predicted to be listed on the Nasdaq beneath the ticker image ‘CIFR,’” Reuters reported.
Following the merger with Good Work that values the mixed firm $2 billion, the merged firm is predicted to be the biggest bitcoin mining operation within the U.S, based on the announcement. Merging with Good Works, a particular objective acquisition firm (SPAC), permits Cipher to sidestep the normal IPO system in going public.
The regulation and institutionalization of Bitcoin miners will enable traders to achieve publicity through trusted and acknowledged avenues.
“We had been drawn to Cipher Mining as we consider the Bitcoin mining house represents a compelling solution to acquire risk-adjusted publicity to the rising crypto ecosystem,” Good Works’ Doug Wurth said within the announcement.
“The deal will present the merged entity with gross money proceeds of $595 million, which incorporates $425 million from traders together with Constancy Administration & Analysis Firm and Morgan Stanley’s Counterpoint International,” Reuters reported.
The transaction is consultant of the rising curiosity in regulated, Bitcoin-focused entities. Because the financial incentive for Bitcoin mining grows, these institutionalized public companies bolster the community and invite new funding within the house.
The merger is predicted to be full earlier than the top of Q2 2021.