|Bid||9.93 x 46000|
|Ask||9.94 x 800|
|Day's Range||9.93 - 9.95|
|52 Week Range||9.70 - 13.23|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Bitcoin (CRYPTO: BTC) is raining from the digital sky, or so it seems given the profusion of cryptocurrency businesses rushing to the stock exchange lately. The most recent example is Cipher Mining, a privately held company that announced Friday it has agreed to go public via a merger with a special purpose acquisition company (SPAC), Good Works Acquisition Corp (NASDAQ: GWAC). "Mining" is essentially the digital production of a cryptocurrency -- Cipher Mining specializes in Bitcoin.
Good Works Acquisition Corporation (NASDAQ: GWAC), a special purpose acquisition company (SPAC), is moving higher today. As of 3 p.m. EST, shares of the blank check company had risen by about 13% for the day. The reason for the SPAC's move is that it announced its acquisition target, and investors appear to be excited about it.
Bitcoin (CCC:BTC-USD) news for Friday includes crypto mining company Cipher Mining planning to go public via a special purpose acquisition company (SPAC) merger with Good Works Acquisition (NASDAQ:GWAC) and GWAC stock is soaring. Source: Shutterstock.com Here’s everything potential investors in GWAC stock need to know about the companies and SPAC merger. Good Works Acquisition is a blank check company created with the goal of taking a private company public. The sponsor of the company is an affiliate of I-Bankers Securities. Cipher Mining is a bitcoin mining company based in the U.S. The company has plans for four mining facilities in Ohio and Texas. The SPAC merger between Good Works Acquisition and Cipher Mining values the combined company at $2 billion. Once the deal is done, the combined company will operate under the name Cipher Mining Inc. This will also see shares of GWAC stock change over to the CIFR stock ticker. 9 Cheap Stocks That Look Like a Bargain Cipher Mining is set to come out of the SPAC merger with $595 million in gross cash. That includes $170 million in cash held in Good Works’ trust account from its initial public offering (IPO) last year. Another $425 million comes from a private investment in public equity (PIPE). The Board of Directors at both companies have approved the SPAC merger. Now it just needs approval from regulators and shareholders of GWAC stock. If all goes well, the deal is set to close in the second quarter of 2021. GWAC stock was up 6.3% as of Friday afternoon.InvestorPlace - Stock Market News, Stock Advice & Trading Tips On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Bitcoin News: 13 Things to Know About GWAC Stock and the Cipher Mining SPAC Merger appeared first on InvestorPlace.