Bitfury Group Announces Sale Of 10M Shares Of Cipher Mining Inc. Common Stock At A Price Of $2.95/Share And Lock-Up Agreement For Remaining Holdings
Portfolio Pulse from Benzinga Newsdesk
Bitfury Group has sold 10 million shares of Cipher Mining Inc. (NASDAQ:CIFR) at $2.95 per share in a private transaction. This represents 4.95% of Bitfury's current ownership of Cipher's common shares. After the sale, Bitfury will hold approximately 75.37% of Cipher's common stock. Bitfury has also entered into a 60-day lock-up agreement, preventing it from selling or transferring any of the common stock before January 15, 2024.
November 09, 2023 | 2:27 pm
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NEUTRAL IMPACT
Bitfury's sale of 10 million shares could increase the liquidity, float, and trading volume of Cipher Mining's stock. However, Bitfury's lock-up agreement may limit the stock's short-term volatility.
The sale of a significant number of shares by a major holder can increase the liquidity and trading volume of a stock, potentially making it more attractive to investors. However, the lock-up agreement indicates that Bitfury will not be selling more shares in the short term, which could limit the stock's volatility.
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