Bitfury formation and founder subscription
500 original shares were subscribed for $5, later corresponding to 200 million merger shares. This nominal formation transaction is excluded from return calculations.
Digital infrastructure · CIFR
Cipher Digital
Cipher began as a Bitfury-backed mining business and entered the public market through Good Works Acquisition Corp. Its closing financing is documented; a conventional Series A–F ladder is not.
01 / YOUR SCENARIO
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Starting price: $10 · Closing · Aug 27, 2021
1 CIFR share equivalents per starting share at your ending date.
Uses documented share adjustments through 2021-08-30. Assumes the share basis remains comparable after that date; other distributions are excluded.
DOCUMENTED PRIVATE PRICE → YOUR PRICE
Cipher DigitalCIFR · 2021 PIPE — $10
What would those shares be worth?
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One common share per subscribed share. Later splits and corporate actions are not reviewed; the ending-price scenario requires your assumption that this share basis remains comparable.
Formula: amount ÷ $10 × 1 × CIFR ending price.
2021 Form 10-K ↗2021 resale prospectus ↗Illustrative paper value; no sale or access to a historical investment is assumed. Excludes fees, taxes, cash dividends, warrants and other distributions; fractional shares assumed. An entered ending price is unverified.
THE STORY & THE EVIDENCE
Cipher Digital: before the public market.
Cipher began as a Bitfury-backed mining business and entered the public market through Good Works Acquisition Corp. Its closing financing is documented; a conventional Series A–F ladder is not.
SPAC merger7 sourced milestones2 documented share scenarios
- Formation
- Announced financing
Proposed merger financing
$425 million proposed
The initial proposal described $375 million of PIPE investment and $50 million from Bitfury. These are proposed terms, not the final closing amounts.
- Private placement at listing
PIPE financing closes
$322.35 million gross$10 per common share
32,235,000 common shares at $10 each; $322.35 million by share count, rounded to $322.4 million in the filing.
- Private placement at listing
Bitfury private placement
$60 million consideration$10 per common share
6 million common shares at $10 each. Consideration included cash and/or forgiveness of indebtedness; this is not all incremental cash.
- SPAC closing
Good Works combination completes
Legacy ownership received 200 million shares at a deemed $10 merger value. The PIPE and Bitfury placement total $382.35 million of consideration, distinct from the original $425 million proposal.
- Public listing
CIFR begins Nasdaq trading
CIFR and CIFRW began trading after the business combination. This was a SPAC listing, not a conventional underwritten IPO.
- Post-listing identity
Cipher Digital name adopted
The corporate name changed from Cipher Mining to Cipher Digital. The earlier financing history belongs to the same issuer.
What the records do not establish
- No arm’s-length Series A–F price history is established by the reviewed filings.
- The nominal founder subscription and the merger’s deemed share value are not prices at which an outside investor could necessarily invest.
- Later public financings and the 2026 name change do not constitute additional pre-IPO rounds.
Research reviewed 2026-09-24. Selected public records, not a complete private cap table. An undisclosed price is left unknown.
Open this company’s sourced data (JSON) ↗
Source documents & filing locations
2021 Form 10-K ↗
Notes 1, 3 and related-party transactions: formation, merger, PIPE, Bitfury placement and subscription receivable.
2021 resale prospectus ↗
Business combination and market information: Nasdaq trading began August 30, 2021.
February 2026 Form 8-K ↗
Amendment changing Cipher Mining Inc. to Cipher Digital Inc.
2021 Form S-4 ↗
Original proposed transaction financing; compare with the later closing figures.