Cipher Mining Inc. announced a $50 million private investment in public equity (PIPE) from Softbank Group Corp., positioning the technology-focused investor as a key stakeholder in the company.
Bitcoin Miner Cipher Secures $50 Million Investment From Softbank
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Softbank Becomes Key Investor in Cipher Mining
Cipher Mining’s (Nasdaq: CIFR) transaction involves Softbank purchasing approximately 10.4 million shares of Cipher’s common stock, with the funds directed toward the company’s high-performance computing (HPC) data center initiatives.
According to the company, the investment comes as Cipher continues expanding its footprint in industrial-scale data center development and bitcoin ( BTC) mining operations. Tyler Page, CEO of Cipher Mining, described the investment as a milestone in the company’s growth.
“We are thrilled to welcome Softbank as an important investor in Cipher,” Page explained on Friday. “This investment comes at a pivotal moment in Cipher’s growth trajectory, as the Company continues to attract attention for its pipeline of sites and innovative solutions in industrial-scale data centers.”
The Cipher CEO added:
Softbank’s focus on innovation in technology and AI development aligns with our vision to establish ourselves as a leader in HPC data center development.
Cipher stated on Friday that this investment fortifies its standing in the industry as it pursues broader operational capabilities. Keefe, Bruyette & Woods Inc. acted as the company’s financial advisor, while Latham & Watkins LLP offered legal counsel for the transaction.
In late November last year, the company revealed plans for a new facility, the Stingray site, designed to enhance its infrastructure. This addition was intended to integrate 100 megawatts (MW) of front-of-the-meter capacity into its expanding data center network.
