Bitfury Group Announces Completion of Distribution of Cipher Mining Inc. Shares
Bitfury Group has completed the final step of its distribution plan for Cipher Mining Inc. (NASDAQ:CIFR) shares. The company transferred approximately 9.6 million shares, with 7.1 million going to former and current employees, contractors, and advisors as part of long-term incentive plans, and 2.5 million sold on the open market for tax purposes. Following this distribution, V3 Holding , Bitfury's majority owner, now beneficially owns about 30% of Cipher's outstanding shares.
The distribution has resulted in a more diverse shareholder base for Cipher. Bitfury's CEO, Val Vavilov, expressed pride in executing the plan and believes Cipher is well-positioned for future opportunities. The move marks a significant shift in Cipher's ownership structure and Bitfury's strategic approach to its investment in the company.
Bitfury Group ha completato l'ultimo passo del suo piano di distribuzione delle azioni di Cipher Mining Inc. (NASDAQ:CIFR). L'azienda ha trasferito circa 9,6 milioni di azioni, di cui 7,1 milioni sono andate a ex e attuali dipendenti, collaboratori e consulenti nell'ambito dei piani di incentivazione a lungo termine, e 2,5 milioni sono stati venduti sul mercato aperto per motivi fiscali. Dopo questa distribuzione, V3 Holding, maggior proprietario di Bitfury, possiede ora circa il 30% delle azioni in circolazione di Cipher.
La distribuzione ha portato a una base azionaria più diversificata per Cipher. Il CEO di Bitfury, Val Vavilov, ha espresso orgoglio per l'esecuzione del piano e crede che Cipher sia ben posizionata per future opportunità. Questo cambiamento segna una significativa modifica nella struttura proprietaria di Cipher e nell'approccio strategico di Bitfury nei confronti del suo investimento nell'azienda.
Bitfury Group ha completado el último paso de su plan de distribución de acciones de Cipher Mining Inc. (NASDAQ:CIFR). La empresa transfirió aproximadamente 9,6 millones de acciones, de las cuales 7,1 millones fueron a empleados, contratistas y asesores actuales y anteriores como parte de los planes de incentivos a largo plazo, y 2,5 millones se vendieron en el mercado abierto por motivos fiscales. Tras esta distribución, V3 Holding, el mayor propietario de Bitfury, posee ahora aproximadamente el 30% de las acciones en circulación de Cipher.
La distribución ha resultado en una base de accionistas más diversa para Cipher. El CEO de Bitfury, Val Vavilov, expresó su orgullo por ejecutar el plan y cree que Cipher está bien posicionada para futuras oportunidades. Este movimiento marca un cambio significativo en la estructura de propiedad de Cipher y en el enfoque estratégico de Bitfury hacia su inversión en la empresa.
비트퓨리 그룹은 사이퍼 마이닝 주식(NASDAQ:CIFR)의 배급 계획 최종 단계를 완료했습니다. 회사는 약 960만 주를 이전했으며, 이 중 710만 주는 전직 및 현직 직원, 계약자 및 자문위원에게 장기 유인책의 일환으로 배포되었고, 250만 주는 세금 목적으로 공개 시장에서 판매되었습니다. 이번 배급 이후 비트퓨리의 최대 주주인 V3 홀딩은 이제 사이퍼의 발행 주식의 약 30%를 유익하게 보유하고 있습니다.
이번 배급은 사이퍼에 대해 더 다양화된 주주 기반을 가져왔습니다. 비트퓨리의 CEO인 발 바빌로프는 계획을 실행한 것에 자긍심을 나타내며 사이퍼가 향후 기회에 잘 대비하고 있다고 믿습니다. 이번 조치는 사이퍼의 소유 구조와 비트퓨리의 회사 투자에 대한 전략적 접근 방식에서 중요한 변화를 나타냅니다.
Bitfury Group a achevé la dernière étape de son plan de distribution pour les actions de Cipher Mining Inc. (NASDAQ:CIFR). L'entreprise a transféré environ 9,6 millions d'actions, dont 7,1 millions ont été attribuées à d'anciens et actuels employés, sous-traitants et conseillers dans le cadre de plans d'incitation à long terme, et 2,5 millions ont été vendues sur le marché ouvert pour des raisons fiscales. Suite à cette distribution, V3 Holding, le principal actionnaire de Bitfury, possède désormais environ 30 % des actions en circulation de Cipher.
Cette distribution a entraîné une base d'actionnaires plus diversifiée pour Cipher. Le PDG de Bitfury, Val Vavilov, a exprimé sa fierté d'exécuter ce plan et croit que Cipher est bien positionnée pour de futures opportunités. Ce mouvement marque un changement significatif dans la structure de propriété de Cipher et dans l'approche stratégique de Bitfury envers son investissement dans l'entreprise.
Die Bitfury Group hat den letzten Schritt ihres Verteilungsplans für die Aktien von Cipher Mining Inc. (NASDAQ:CIFR) abgeschlossen. Das Unternehmen hat ungefähr 9,6 Millionen Aktien übertragen, von denen 7,1 Millionen an ehemalige und aktuelle Mitarbeiter, Vertragspartner und Berater im Rahmen von langfristigen Anreizplänen gingen, während 2,5 Millionen aus steuerlichen Gründen am offenen Markt verkauft wurden. Nach dieser Verteilung besitzt V3 Holding, der Mehrheitsaktionär von Bitfury, nun etwa 30% der ausgegebenen Aktien von Cipher.
Die Verteilung hat zu einer diverseren Aktionärsbasis für Cipher geführt. Der CEO von Bitfury, Val Vavilov, äußerte Stolz auf die Umsetzung des Plans und glaubt, dass Cipher gut für zukünftige Möglichkeiten aufgestellt ist. Dieser Schritt markiert einen signifikanten Wandel in der Eigentümerstruktur von Cipher und in Bitfurys strategischem Ansatz für seine Investition in das Unternehmen.
- Completion of distribution plan, potentially improving Cipher's shareholder diversity
- Reward system for current and former employees, contractors, and advisors implemented
- Bitfury maintains significant ownership in Cipher through V3 Holding (30% of outstanding shares)
- Reduction in Bitfury's direct ownership of Cipher shares from 18% to 15.1%
- Sale of 2.5 million shares on the open market for tax purposes, potentially impacting stock price
Insights
This share distribution by Bitfury Group marks a significant shift in Cipher Mining's ownership structure. The transfer of
The move likely serves two purposes: rewarding key contributors and diversifying Cipher's shareholder base. This could potentially improve liquidity and attract new investors. From a market perspective, the increased float might lead to higher trading volumes and potentially less price volatility. Investors should monitor how this ownership change affects Cipher's governance and strategic direction going forward.
This share distribution represents a significant corporate governance event for Cipher Mining. By reducing Bitfury's direct ownership and rewarding employees, the company is taking steps towards a more diversified ownership structure. This could lead to:
- Improved alignment of interests between management and shareholders
- Potentially greater independence in decision-making
- Enhanced attractiveness to institutional investors who often prefer companies with more dispersed ownership
However, with V3 Holding and Bitfury still maintaining a
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
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. | Following transfer of approx. | |||
(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
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
FAQ
How many Cipher Mining (CIFR) shares did Bitfury Group distribute in its final distribution step?
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How did Bitfury's ownership percentage in Cipher Mining (CIFR) change after the final distribution?
What was the purpose of Bitfury's distribution of Cipher Mining (CIFR) shares?
