Cipher Mining shareholder Bitfury advances non-dilutive distribution of shares

Cipher Mining shareholder Bitfury Group, a full-service blockchain technology company, has allocated the remaining part of approximately 18.5 million shares held by Bitfury in Cipher into a share reserve. Subject to the ongoing discretion of Bitfury’s management, Bitfury expects to sell from time to time approximately 9.2 million shares of Cipher’s common stock allocated to the share reserve on the open market and plans to proportionally remit cash proceeds from such sales, if any, to certain of the Bitfury Beneficiaries on a periodic basis. Bitfury expects to sell these shares strategically over the next few months, in quantities up to 5% of Cipher’s trailing 30-day average daily trading volume on each particular day of sale. The other part of approximately 9.3 million shares of Cipher’s common stock included in the share reserve has been allocated for the benefit of the remaining Bitfury Beneficiaries and is expected to be disposed for the benefit of, or transferred, in whole or in part, to, the remaining Bitfury Beneficiaries at the discretion of Bitfury management in the future. Presuming the sale in full of the approximately 9.2 million of the 18.5 million shares included in the allocation, Bitfury would beneficially own approximately 19.1% of Cipher’s outstanding shares of common stock as of now, or approximately 35.4% including the shares owned by Bitfury’s majority shareholder.