CIFR - Why Cipher Mining Stock Is Gaining Back Ground Today After Cratering Earlier This Week
Shares of newly public cryptocurrency-mining company Cipher Mining (NASDAQ: CIFR) started the week off with a drop but is ending the week with a pop. On Monday, the stock fell roughly 20%. But today, it's up roughly 8% on news that's it's getting some mining equipment -- useful for a company that wants to be mining.
Let's rewind. Good Works Acquisition Corporation was a special purpose acquisition company ( SPAC ). Like all SPACs, it went public to raise money to buy another company; it had no business operations of its own. Good Works decided to buy Cipher Mining in March, valuing Cipher Mining at an enterprise value of $2 billion, even though it was newly formed and, like Good Works, had no business operations at the time it went public.
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Why Cipher Mining Stock Is Gaining Back Ground Today After Cratering Earlier This Week