Cipher Mining Inc. (CIFR) witnessed a remarkable surge in its stock price on Friday, soaring 25.74% in the pre-market trading session. This significant rally was fueled by a strategic investment 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 through a private investment in public equity (PIPE) deal. 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 that it comes at a pivotal moment in the company's growth trajectory. Cipher has been attracting attention for its pipeline of sites and innovative solutions in industrial-scale data centers, aligning with SoftBank's focus on innovation in technology and AI development. The investment is expected to bolster Cipher's vision to establish itself as a leader in HPC data center development.
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