9.9 C
New York
Wednesday, April 14, 2021

Bitcoin miner Cipher to go public through $2 billion SPAC merger

Must read

Goldman Sachs profit soars on global deals frenzy, trading boom

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on...

J&J investor calls on shareholders to reject CEO Gorsky’s pay

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. Alex Gorsky, Chairman and CEO of Johnson & Johnson, celebrates the 75th anniversary of...

Crypto DEX MakiSwap Raises $1.4M From Leading Investors

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) Crypto DEX MakiSwap Raises $1.4M From Leading Investors MakiSwap has raised $1.4 million in private and seed funding. The...

“Increase Ethereum’s base reward to at least 128”, Smart Billions’ CTO says

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) The Ethereum blockchain and the cost of gas have become a cause of concern for developers and...
Bitcoin

The bitcoin mining firm’s bid to go public comes as a clutch of other crypto firms are pushing ahead with similar plans despite regulatory uncertainty


Cipher Mining Inc said it had agreed to go public through a merger with blank-check firm Good Works Acquisition Corp in a deal valuing it at $2 billion, underscoring the rising interest in the space.


Shares of Good Works rose 15.9% to $11.59 after markets opened for trading on Friday.


The mining firm’s bid to go public comes as a clutch of other crypto firms are pushing ahead with similar plans despite regulatory uncertainty.


Coinbase, the biggest US exchange, moved a step closer to listing its shares on the Nasdaq last month, but is still waiting for regulatory clearances.


The unregulated nature of digital coins has traditionally made investors distinctly wary of institutions that deal in them. Experts believe successful stock market launches from the likes of Coinbase would help change that perception.


ALSO READ: Beware of ‘frothy’ SPACs, London Stock Exchange warns investors


Additionally, a decision by the US Securities and Exchange Commission (SEC) on whether to approve crypto listings would serve as a major win or blow to the legitimacy of digital coins.


“I do see a future where the SEC will continue to analyze and hopefully embrace in particular. All of crypto is a much bigger question,” Cipher Mining Chief Executive Officer Tyler Page told Reuters.


In January, platform Bakkt also agreed to go public through a merger with a blank-check firm.


“We wanted to get to market quickly and efficiently and after evaluating different paths, the SPAC market allowed us to get to market the quickest,” Page said, when asked why the firm chose the SPAC route.


The deal with Good Works 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.


The transaction is expected to close in the second quarter of 2021.

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor




Read our full coverage on Bitcoin



First Published: Fri, March 05 2021. 21:11 IST

- Advertisement -

Latest article

Goldman Sachs profit soars on global deals frenzy, trading boom

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on...

J&J investor calls on shareholders to reject CEO Gorsky’s pay

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. Alex Gorsky, Chairman and CEO of Johnson & Johnson, celebrates the 75th anniversary of...

Crypto DEX MakiSwap Raises $1.4M From Leading Investors

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) Crypto DEX MakiSwap Raises $1.4M From Leading Investors MakiSwap has raised $1.4 million in private and seed funding. The...

“Increase Ethereum’s base reward to at least 128”, Smart Billions’ CTO says

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) The Ethereum blockchain and the cost of gas have become a cause of concern for developers and...

Elderly show similar antibody response to 1st dose of Astra, Pfizer COVID-19 shots -UK study

Coronavirus12 minutes ago (Apr 14, 2021 09:30AM ET) 2/2 (C) Reuters. COVID-19 vaccination at Newmarket Racecourse 2/2 By Kate Kelland LONDON (Reuters) - The first study to directly...