Cipher Mining Inc. (NASDAQ:CIFR), a cryptocurrency mining company with a market capitalization of $2.4 billion, announced that on Tuesday it entered into a termination agreement with Bitfury Top HoldCo B.V. and Bitfury Holding B.V., collectively known as the Bitfury Investors, ending a board observer agreement originally established on April 8, 2022. According to InvestingPro data, the company has shown strong momentum, with analysts maintaining a bullish outlook ahead of its upcoming earnings report on August 7.
The now-terminated agreement had granted Bitfury Investors the right to designate a non-voting observer to Cipher Mining’s board of directors and its committees, attend and observe meetings, and participate in discussions, subject to certain exceptions. The agreement also included specific information rights for the Bitfury Investors. These rights would have expired if the Bitfury Investors no longer held at least 10% of Cipher Mining’s outstanding common stock.
According to the company’s statement, since the agreement was put in place, the Bitfury Investors did not designate an observer or exercise their information rights. Bitfury Investors also confirmed they had no intention to use these rights.
As a result of the termination agreement, effective Tuesday, the board observer agreement is no longer in effect and both parties are released from any further obligations related to it. The termination agreement includes mutual releases of claims, covenants not to sue, and standard confidentiality provisions.
This information is based on a statement included in Cipher Mining’s recent filing with the Securities and Exchange Commission.
In other recent news, Cipher Mining Inc. announced that Phase I of its Black Pearl facility is delivering approximately 3.4 EH/s of self-mining capacity, surpassing its previous guidance of 2.5 EH/s for the second quarter of 2025. The company’s total self-mining hashrate has reached approximately 16.8 EH/s, with plans to increase to about 23.1 EH/s as installation progresses. Operations have commenced at the Black Pearl site, which is currently generating around 2.5 EH/s, expected to rise to 9.6 EH/s with new equipment installations through the third quarter of 2025. The company also held its 2025 Annual Meeting of Stockholders, where approximately 71.38% of the outstanding common stock was represented. During the meeting, stockholders elected two directors, Robert Flatley and Caitlin Long, to serve until the 2028 annual meeting. Additionally, Cipher Mining’s stock saw a rise after announcing the Black Pearl site’s hashrate exceeded forecasts. These developments come amid a surge in Bitcoin prices, which recently surpassed $118,000.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Leave a Reply