Blockchain technology and Bitcoin mining company Bitfury announced plans to distribute shares in Cipher Mining Inc., aiming to unlock potential value for Bitfury’s basic shareholders and other shareholders of Cipher. The Cipher Mining share distribution plan has been approved by Bitfury shareholders. The company will allocate 16,127,092 Cipher shares to Series C shareholders within seven working days, and will subsequently explore the distribution of approximately 126 million Cipher shares to remaining shareholders (subject to shareholder approval again) .
If the relevant distribution plan is completed, Bitfury will only retain approximately 50 million Cipher shares, and its shareholding ratio will be reduced from approximately 75% to less than 20%. Cipher is a United States-based Bitcoin mining company that operated as a subsidiary of Bitfury until August 27, 2021.