Cipher Mining Technologies Inc. is set to merge with Good Works Acquisition Corp. in a deal that values the combined entity at $2.0 billion, bolstered by a $425 million PIPE investment from prominent institutional investors.

Information on the Target

Cipher Mining Technologies Inc. is a newly established U.S.-based Bitcoin mining operation aiming to become a leader in the industry. The company has announced a definitive agreement to merge with Good Works Acquisition Corp., a publicly traded special purpose acquisition company (SPAC). Following the completion of the transaction, the combined entity will operate under the name Cipher Mining Inc. and will be listed on Nasdaq with the ticker symbol 'CIFR'. The merger is projected to create a company with an enterprise value of $2.0 billion.

The newly formed Cipher Mining will benefit from a significant financial foundation, including a fully committed $425 million PIPE investment, which involves backing from institutional investors such as Fidelity Management & Research Company and Counterpoint Global, a Morgan Stanley investment management division. Additionally, Cipher's parent company, Bitfury, is contributing a $50 million investment-in-kind, which will be credited towards future operational services and equipment purchases.

Industry Overview in the United States

The U.S. Bitcoin mining industry has been experiencing rapid growth, driven by increasing interest in cryptocurrency and advancements in mining technology. As Bitcoin gains popularity, more investors and companies are lookin