Bitcoin Miner Cipher Looks to Sell Up to $250M in Stock

Cipher Mining (CIFR) is looking to sell up to $250 million in stock from time to time in what is known as an “at-the-market” (ATM) offering.

Bitcoin miners have been struggling this year as the price of bitcoin has dropped by about 60% and energy prices soar across the world. Despite these headwinds, some of them are back on the market to raise capital needed to fund their development. Earlier on Friday, miner Iris Energy (IREN) announced a deal with investment bank B. Riley to sell up to $100 million of equity.

Investment bank H.C. Wainwright will act as a sales agent for Cipher’s stock, according to a Friday filing with the U.S. Securities and Exchange Commission.

Cipher Mining’s stock was up by about 2% in Friday’s trading on the Nasdaq.

Read more: Cipher Mining Lowers Per-Terahash Cost of Crypto Mining Rigs Even as Quarterly Loss Widens