© Reuters. FILE PHOTO: FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken
(Reuters) – 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.
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 (NYSE:)'s Counterpoint Global.
The combined company, to be named Cipher Mining Inc, is expected to be listed on the Nasdaq under the ticker symbol “CIFR”.
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.
Good Work, a special purpose acquisition company, or SPAC, raised $150 million through an initial public offering last year.
SPACs are shell companies which 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.
J.P. Morgan Securities LLC and Wells Fargo (NYSE:) Securities LLC are serving as financial advisors to Good Works and Cipher Mining, respectively, on the deal.
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