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microstrategy - cipher mining - summary

Microstrategy, Cipher Mining, summary


Microstrategy, the world’s largest publicly-traded business intelligence company now owns close to 91,064 bitcoin as of March 5, acquired at an aggregate purchase price of about $2.196 billion and an average purchase price of around $24,119 per bitcoin. [2]

It has since made multiple purchases of digital currency. [2]

MicroStrategy spent last year steadily amassing more bitcoin after making its first investment in August as the cryptocurrency soared in value. [] Bitcoin was trading at $47,663 on Friday, down 18.3% from a record high of $58,354.14 hit on Feb. 21. [2]

MicroStrategy Inc, a major corporate backer of bitcoin, has bought about 205 bitcoin for about $10 million in cash, it said on Friday, adding to its already substantial holdings of the cryptocurrency. [2]

MicroStrategy’s shares fell 1% in pre-market trading. [2]

Cipher Mining Inc said on Friday it will go public through a merger with blank-check firm Good Works Acquisition Corp in a deal that values the combined company at $2 billion. [1]

Newly formed bitcoin mining operation Cipher Mining Technologies announced it will go public in a merger with blank-check company Good Works Acquisition. [3]

The deal 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. [] J.P. Morgan Securities LLC and Wells Fargo Securities LLC are serving as financial advisors to Good Works and Cipher Mining, respectively, on the deal. [1]

Cipher Mining is a subsidiary of Bitfury Top HoldCo B.V or Bitfury Group. [3]

Good Work, a special purpose acquisition company, or SPAC, raised $150 million through an initial public offering last year. [1]

The deal is expected to give the combined companies $595 million in gross cash proceeds, which includes a $425 million PIPE (private investment in public equity) from investors such as Fidelity Management & Research Company and Counterpoint Global, a unit of Morgan Stanley. [] Since 2011, the Bifury Group has been a provider of bitcoin mining hardware and other blockchain software and services. [3]

“We 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,” said Good Works Co-Chairman Doug Wurth in a statement. [3]

SPACs are shell companies that raise funds to acquire a private company with the purpose of taking it public, allowing such targets to sidestep a traditional IPO to enter public markets. [1]

Cipher Mining is a newly-formed cryptocurrency mining company and is a unit of Bitfury Top HoldCo, a provider of bitcoin mining tools and blockchain software. [1]

Upon closing, the combined companies will be named Cipher Mining and will trade under the Nasdaq ticker symbol CIFR. [3]

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