Crypto Mining Firm Cipher Receives Takeover Bid, Considers Sale
A recent article published by Bloomberg has revealed that Bitcoin miner Cipher received a takeover bid earlier this week and is now considering a sale. Bloomberg claimed that the miner’s leadership is engaging with various advisers on the matter but may still decide not to sell.
Following the news, Cipher’s stock CIFR surged above $8 but has since dropped to $6.32. Nonetheless, the current price is still above the stock’s opening price ($4.67) at the start of 2024.
Cipher Buys More Mining Equipment
The takeover bid comes a few months after Cipher announced purchases of several mining machines to boost its operations. In January 2024, the mining firm spent more than $99 million on over 36,500 Antminers. Three months later, it purchased 16,600 Avalon A1466 mining machines, aiming to increase its computational power to 12 exahashes per second.
Cipher isn’t the only miner to have received a takeover bid in the past two months. In early June, Bitcoin miner Riot Platforms announced that it had sent an offer to Bitfarms to acquire the mining firm but was rejected. As of July 2024, Riot Platforms is the largest shareholder in Bitfarms, controlling about 15% of the company.
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Mining Stocks Surge Ahead of US Presidential Election
Mining stocks have witnessed massive growth in recent weeks as US citizens prepare to vote for their favorite Presidential candidates. At the start of July, these shares grew by over 10% following remarks by former President Donald Trump that he would support the Bitcoin mining sector if elected.
In a meeting with various mining companies, Trump said he would ensure that the remaining BTC is mined in the United States if he became the president. He promised to create a conducive environment for Bitcoin mining activities and one that promotes blockchain innovation.
Report: Most Miners Did Not Sell Their Bitcoin in June
In other news, a recent report has shown that most publicly traded companies didn’t sell their Bitcoin mined last month despite requiring regular BTC sales to finance their mining activities. According to experts, these miners are holding the mined Bitcoin in anticipation of a rally over the coming months.
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