Cipher Mining Technologies, a newly formed U.S.-based Bitcoin mining operation, and Good Works Acquisition have entered a definitive agreement for a business combination with a $2 billion enterprise value.
The combined company is expected to receive approximately $595 million in cash from a combination of a $425 million fully committed stock PIPE, including a $50 million investment in-kind from Bitfury, and approximately $170 million in cash held in Good Works’ trust account from its October IPO, assuming no public shareholders exercise their redemption rights.
The deal is expected to be completed in the scond quarter, pneding shareholder approval. Upon closing, the combined company will be named Cipher Mining and is expected to list on the Nasdaq under CIFR.
