Bitfury Group Announces Completion of Distribution of Cipher Mining Inc. Shares

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Sep 11, 2024, 09:00 ET

AMSTERDAM, Sept. 11, 2024 /PRNewswire/ -- Bitfury Group ("Bitfury" or the "Company"), a leading full-service blockchain technology company, today announced that it has completed the final step of the distribution plan announced earlier this year with the transfer of approximately 9.6 million shares held by Bitfury in Cipher Mining Inc. (NASDAQ:CIFR) ("Cipher").

As part of this final step of the distribution plan, Bitfury transferred approximately 7.1 million shares of Cipher common stock to certain former and current employees, contractors and advisors of Bitfury who participated in long-term incentive plans maintained by Bitfury for consideration consisting of past services provided to Bitfury, while the remaining approximately 2.5 million shares were sold on the open market to cover tax withholding obligations associated with the transfer. With the completion of the distribution plan, V3 Holding Limited, the majority owner of Bitfury, beneficially owns approximately 30% of the outstanding shares of Cipher, including both the shares of V3 Holding Limited and the shares held by Bitfury.

The following table shows Bitfury's estimate of its approximate general concentration of ownership in Cipher's shares before and after this final stage of the distribution plan (share numbers in millions):

	Prior to transfer of approx. 9.6 million shares		Following transfer of approx. 9.6 million shares
	(shares)	(%)⁽¹⁾	(shares)	(%)⁽¹⁾
Bitfury	59.3	18.0 %	49.7	15.1 %
V3 Holding Limited ⁽²⁾	50.3	15.3 %	50.3	15.3 %
Other Shares Outstanding	219.3	66.7 %	228.9	69.6 %
Total Shares Outstanding ⁽¹⁾	328.9	100 %	328.9	100 %


(1)	Based on 328,941,426 shares of Cipher's common stock outstanding as of August 12, 2024, as disclosed in Cipher's Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024.
(2)	V3 Holding Limited is the majority owner of Bitfury and may be deemed to share beneficial ownership of the common stock beneficially owned by Bitfury. The numbers presented in this row count only shares owned directly by V3 Holding Limited, excluding beneficial ownership of shares owned by Bitfury.

Val Vavilov, CEO of Bitfury, commented on today's news, "We're proud to have executed on the distribution plan we outlined in February as it allows us to reward both current and former employees, consultants, and advisers who helped us reach this point in Bitfury's journey and played a role in incubating Cipher. Now with our strategic execution of this distribution of shares complete, we believe that Cipher has a more diverse shareholder base and is well positioned to capitalize on the opportunities outlined in their most recent operational update."

About Bitfury
Bitfury is the world's leading full-service blockchain technology company. Since our founding in 2011, Bitfury has built on its heritage as one of the earliest Bitcoin miners and providers of Bitcoin mining equipment to develop a suite of infrastructure products and services that power the Web 3.0 ecosystem and make digital assets safe, sustainable, and useful. From hardware to security to software, our businesses leverage today's cutting-edge technologies to solve the most pressing challenges of tomorrow.

To learn more about Bitfury, please visit https://bitfury.com/

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. Any statements made in this press release that are not statements of historical fact, including statements about the Company's plans and intentions regarding its ownership of Cipher common stock, sales of Cipher common stock, and allocations of Cipher common stock, and statements about our beliefs and expectations regarding Cipher's future results of operations and financial position, business strategy, and timing and likelihood of success, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements can sometimes be identified by the words "may," "expects," "intends," "believes," "future," "prospects," and similar expressions (including the negative versions of such words or expressions).

These forward-looking statements are based upon estimates, assumptions, expectations, projections and beliefs as of the date of this press release that, while considered reasonable by the Company and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results, performance or achievements to differ materially from the results, performance or other expectations expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks and uncertainties described in the "Risk Factors" section of Cipher's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 5, 2024, and in Cipher's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Bitfury Media Contact
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SOURCE Bitfury