According to Foresight News, blockchain technology and bitcoin mining company Bitfury has announced plans to distribute shares of Cipher Mining Inc. in order to unlock potential value for Bitfury's base shareholders and other Cipher shareholders. The Cipher Mining share distribution plan has been approved by Bitfury shareholders, and the company will distribute 16,127,092 Cipher shares to Series C shareholders within seven working days. Subsequently, it will explore the distribution of approximately 126 million Cipher shares to the remaining shareholders, subject to further shareholder approval.
If the relevant distribution plan is completed, Bitfury will retain only about 50 million Cipher shares, and its shareholding ratio will drop from around 75% to less than 20%. Cipher is a US-based bitcoin mining company that operated as a subsidiary of Bitfury until August 27, 2021.