AMSTERDAM, Sept. 11,
2024 /PRNewswire/ -- Bitfury Group ("Bitfury" or the
"Company"), a leading full-service blockchain technology company,
today announced that it has completed the final step of the
distribution plan announced earlier this year with the transfer of
approximately 9.6 million shares held by Bitfury in Cipher Mining
Inc. (NASDAQ:CIFR) ("Cipher").
As part of this final step of the distribution plan, Bitfury
transferred approximately 7.1 million shares of Cipher common stock
to certain former and current employees, contractors and advisors
of Bitfury who participated in long-term incentive plans maintained
by Bitfury for consideration consisting of past services provided
to Bitfury, while the remaining approximately 2.5 million shares
were sold on the open market to cover tax withholding obligations
associated with the transfer. With the completion of the
distribution plan, V3 Holding Limited, the majority owner of
Bitfury, beneficially owns approximately 30% of the outstanding
shares of Cipher, including both the shares of V3 Holding Limited
and the shares held by Bitfury.
The following table shows Bitfury's estimate of its approximate
general concentration of ownership in Cipher's shares before and
after this final stage of the distribution plan (share numbers in
millions):
|
Prior to transfer of
approx.
9.6 million shares
|
Following transfer
of approx.
9.6 million shares
|
|
(shares)
|
(%)(1)
|
(shares)
|
(%)(1)
|
|
Bitfury
|
59.3
|
18.0 %
|
49.7
|
15.1 %
|
|
V3 Holding Limited
(2)
|
50.3
|
15.3 %
|
50.3
|
15.3 %
|
|
Other Shares
Outstanding
|
219.3
|
66.7 %
|
228.9
|
69.6 %
|
|
Total Shares
Outstanding (1)
|
328.9
|
100 %
|
328.9
|
100 %
|
|
|
|
(1)
|
Based on 328,941,426
shares of Cipher's common stock outstanding as of August 12, 2024,
as disclosed in Cipher's Quarterly Report on Form 10-Q filed with
the SEC on August 13, 2024.
|
|
(2)
|
V3 Holding Limited is
the majority owner of Bitfury and may be deemed to share
beneficial ownership of the common stock beneficially owned by
Bitfury. The numbers presented in this row count only shares owned
directly by V3 Holding Limited, excluding beneficial ownership of
shares owned by Bitfury.
|
Val Vavilov, CEO of Bitfury,
commented on today's news, "We're proud to have executed on the
distribution plan we outlined in February as it allows us to reward
both current and former employees, consultants, and advisers who
helped us reach this point in Bitfury's journey and played a role
in incubating Cipher. Now with our strategic execution of this
distribution of shares complete, we believe that Cipher has a more
diverse shareholder base and is well positioned to capitalize on
the opportunities outlined in their most recent operational
update."
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.
To learn more about Bitfury, please visit
https://bitfury.com/
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, sales of Cipher common stock, and
allocations 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," "expects," "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 5, 2024,
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.
Bitfury Media Contact
bitfury@mgroupsc.com
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SOURCE Bitfury
