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Bitcoin Miner Cipher Looks to Sell Up to $250M in Stock

Investment bank H.C. Wainwright will be handling the transaction.

By Eliza Gkritsi
AccessTimeIconSep 23, 2022 at 4:14 p.m. UTC
Updated May 11, 2023 at 4:23 p.m. UTC
A Cipher mining bitcoin farm. (Cipher Mining)

A Cipher mining bitcoin farm. (Cipher Mining)

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Cipher Mining (CIFR) is looking to sell up to $250 million in stock from time to time in what is known as an "at-the-market” (ATM) offering.

Bitcoin miners have been struggling this year as the price of bitcoin (BTC) has dropped by about 60% and energy prices soar across the world. Despite these headwinds, some of them are back on the market to raise capital needed to fund their development. Earlier on Friday, miner Iris Energy (IREN) announced a deal with investment bank B. Riley to sell up to $100 million of equity.

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    • Investment bank H.C. Wainwright will act as a sales agent for Cipher's stock, according to a Friday filing with the U.S. Securities and Exchange Commission.

    Cipher Mining's stock was up by about 2% in Friday's trading on the Nasdaq.

    Read more: Cipher Mining Lowers Per-Terahash Cost of Crypto Mining Rigs Even as Quarterly Loss Widens

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eliza Gkritsi
    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

    Follow @egreechee on Twitter

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