Cipher Mining Inc. has secured a significant $50 million investment from Softbank Group Corp. through a private investment in public equity deal, establishing the tech-savvy investor as a major shareholder in the company.
Cipher Mining gains significant investment from Softbank.
Softbank has bought around 10.4 million shares of Cipher Mining’s common stock as part of a transaction, listed on Nasdaq as CIFR. The money from this transaction will be used to support Cipher’s high-performance computing (HPC) data center projects.
Cipher Mining has secured a significant investment as it further solidifies its position in the development of large-scale data centers and bitcoin mining operations. The company’s CEO, Tyler Page, hailed the investment as a pivotal moment in Cipher’s ongoing expansion and growth trajectory.
delighted to have Softbank on board as a key investor, said Page on Friday. This strategic investment arrives at a critical juncture in Cipher’s expansion, as the company gains momentum with its portfolio of sites and groundbreaking approaches to large-scale data center infrastructure.
Cipher announced on Friday that this strategic investment solidifies its market position and supports its efforts to expand its operational reach. The company received financial guidance from Keefe, Bruyette & Woods Inc. and legal expertise from Latham & Watkins LLP throughout the deal.
Last year, towards the end of November, the company announced a project for a fresh facility called the Stingray location. This new site was created to improve its infrastructure and incorporate 100 megawatts (MW) of front-of-the-meter capability into its growing data center network.
