Bitfury Group Announces Sale of 10 Million Shares of Cipher Mining Inc. Common Stock and Lock-Up Agreement for Remaining Holdings
November 09 2023 - 9:10AM
Bitfury Group (“Bitfury” or the “Company”), a leading full-service
blockchain technology company, announced today that it has sold
10,000,000 shares of the common stock of Cipher Mining Inc.
(NASDAQ:CIFR) (“Cipher”) at a price of $2.95 per share in a
privately negotiated transaction. Cipher, a U.S.-based Bitcoin
mining company, operated as a subsidiary of Bitfury prior to August
27, 2021. The common shares were offered pursuant to Cipher’s Form
S-3 shelf registration statement and represent 4.95% of Bitfury’s
current ownership of Cipher’s common shares. Bitfury will receive
all net proceeds from the sale.
Upon completion of the transaction, Bitfury will hold
191,931,387 shares, or approximately 75.37% of the common stock of
Cipher. Bitfury has entered into a 60-day lock-up agreement with
respect to its remaining holdings of Cipher common stock, pursuant
to which the Company may not sell or transfer any of the common
stock before January 15, 2024.
Bitfury CEO, Founder and Chairman, Val Vavilov, stated, “Bitfury
is proud of its role in the formation of Cipher, which has emerged
as one of the world’s leading Bitcoin miners. As active investors
in the Bitcoin mining space for over a decade, we appreciate the
competitive advantages of Cipher’s business model, particularly
going into the next halving cycle. Given its strong prospects for
future growth, we believe Cipher is currently undervalued and that
this sale of a relatively small portion of our holdings may help
unlock shareholder value by increasing the stock’s liquidity, float
and trading volume. We have been very pleased with our investment
in Cipher and intend to be investors for a long time.”
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of the securities in any state in which such an offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.
About Bitfury
Bitfury is the world’s leading full-service blockchain
technology company. Since our founding in 2011, Bitfury has built
on its heritage as one of the earliest Bitcoin miners and providers
of Bitcoin mining equipment to develop a suite of infrastructure
products and services that power the Web 3.0 ecosystem and make
digital assets safe, sustainable, and useful. From hardware to
security to software, our businesses leverage today’s cutting-edge
technologies to solve the most pressing challenges of tomorrow.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws of the United
States. Any statements made in this press release that are not
statements of historical fact, including statements about the
Company’s plans and intentions regarding its ownership of Cipher
common stock, and statements about our beliefs and expectations
regarding Cipher’s future results of operations and financial
position, business strategy, and timing and likelihood of success,
are forward-looking statements and should be evaluated as such.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These forward-looking statements
can sometimes be identified by the words “may,” “intends,”
“believes,” “future,” “prospects,” and similar expressions
(including the negative versions of such words or expressions).
These forward-looking statements are based upon estimates,
assumptions, expectations, projections and beliefs as of the date
of this press release that, while considered reasonable by the
Company and our management, are inherently uncertain. Such
forward-looking statements are subject to risks, uncertainties, and
other factors that could cause actual results, performance or
achievements to differ materially from the results, performance or
other expectations expressed or implied by such forward looking
statements. New risks and uncertainties may emerge from time to
time, and it is not possible to predict all risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to the risks and uncertainties
described in the "Risk Factors" section of Cipher’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission
("SEC") on March 14, 2023, and in Cipher's subsequent filings with
the SEC. These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, which speak only as of the date they
are made. The Company assumes no obligation and, except as required
by law, does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Media Contact:Anya NelsonScratch Marketing +
Media anyan@scratchmm.com
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