AMSTERDAM, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Bitfury Group ("Bitfury" or the "Company"), a leading full-service blockchain technology company, is pleased to announce a planned distribution of shares in Cipher Mining, Inc. ("Cipher") aimed at unlocking potential value both to Bitfury's underlying shareholders and other shareholders of Cipher.
This move will reduce ownership concentration and create a more diversified and normalized shareholder base for Cipher.
This carefully planned initiative, which has been approved by Bitfury shareholders, involves the distribution of 16,127,092 shares of Cipher to Bitfury Series C shareholders within seven business days. Following this initial step, Bitfury is exploring the opportunity to distribute approximately 126 million shares of Cipher to Bitfury’s remaining shareholders as a second step. If the second step is consummated, Bitfury would retain approximately 50 million shares of Cipher, reducing its stake from approximately 75% to less than 20% of Cipher shares. The second step of the proposed distribution plan is subject to the approval of Bitfury shareholders. Additional information regarding the approval and distribution process will be provided in the near future.
"Cipher has consistently demonstrated strong fundamentals and impressive growth potential," stated Val Vavilov, CEO of Bitfury. "I am confident in the substantial market potential of Cipher. This strategic distribution not only aligns with our overarching goal of maximizing shareholder value but also serves to broaden the investor base of Cipher."
In conclusion, Bitfury is optimistic about the positive long-term impact these moves will have on the future successes of both Bitfury and Cipher. This strategic distribution represents a significant step forward in realizing our commitment to delivering long-term value to shareholders.
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 Nelson
Scratch Marketing + Media
anyan@scratchmm.com
