(Reuters) – Cipher Mining Inc said Friday it will publicly go through a merger with the white check company Good Works Acquisition Corp in a combined $ 2 billion contract.
The agreement will bring a total of $ 595 million to the merged entity, which includes $ 425 million from investors including Fidelity Management & Research Company and Morgan Stanley Global Counterpoint.
The joint company, called Cipher Mining Inc, is expected to be listed on Nasdaq under the ticker symbol “CIFR”.
Cipher Mining is a newly created 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 construction company, or SPAC, raised $ 150 million through an initial public offering last year.
SPACs are shell companies that raise money to acquire a private company with the purpose of making it public, allowing such targets to bring traditional IPOs into public markets.
JP Morgan Securities LLC and Wells Fargo Securities LLC serve as financial advisors to Good Works and Cipher Mining, respectively, on the contract.
Reporting by Sohini Podder in Bengaluru; Edited by Krishna Chandra Eluri