Cipher Mining Inc. (CIFR) witnessed a remarkable surge in its stock price, soaring 20.21% during the 24-hour period on Friday. This significant rally was fueled by a $50 million private investment in public equity (PIPE) deal from SoftBank Group, one of the world's most prominent investment holding companies.
According to the announcement made on Thursday, SoftBank will purchase approximately 10.4 million shares of Cipher common stock for $50 million. The investment aims to support Cipher's high-performance computing (HPC) data center development business, establishing SoftBank as a significant primary investor in the company.
Tyler Page, Cipher's CEO, expressed enthusiasm about the investment, stating, "We are thrilled to welcome SoftBank as an important investor in Cipher. This investment comes at a pivotal moment in Cipher's growth trajectory, as the Company continues to attract attention for its pipeline of sites and innovative solutions in industrial-scale data centers. SoftBank's focus on innovation in technology and AI development aligns with our vision to establish ourselves as a leader in HPC data center development."
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