Cipher Mining Inc disclosed it will go public through a merger with blank-check firm Good Works Acquisition Corp in a deal that values the combined company at $2 billion.
Cipher Mining’s bid to go public comes as a clutch of other crypto firms are pushing ahead with plans to go public despite regulatory uncertainty.
Coinbase, the biggest U.S. cryptocurrency exchange, moved a step closer to listing its shares on the Nasdaq last month, but is still waiting for regulatory clearances.
The unregulated nature of digital coins has traditionally made investors distinctly wary of institutions that deal in them. Experts believe successful stock market launches from the likes of Coinbase would go a long way towards changing that perception.
Additionally, a decision by the U.S. Securities and Exchange Commission on whether to approve crypto listings would serve as a major win or blow to the legitimacy of digital coins, and determine which ones are allowed to trade on platforms like Coinbase.
The stock market regulator has said some cryptocurrencies may be considered securities but has left it to platforms to assess which ones should receive clearance before they are allowed to list.
In January, cryptocurrency platform Bakkt agreed to go public through a merger with a blank-check firm.