AMSTERDAM, Sept. 11, 2024 /PRNewswire/ -- Bitfury Group ("Bitfury" or the "Company"), a leading full-service blockchain technology company, today announced that it has completed the final step of the distribution plan announced earlier this year with the transfer of approximately 9.6 million shares held by Bitfury in Cipher Mining Inc. (NASDAQ:CIFR) ("Cipher").

As part of this final step of the distribution plan, Bitfury transferred approximately 7.1 million shares of Cipher common stock to certain former and current employees, contractors and advisors of Bitfury who participated in long-term incentive plans maintained by Bitfury for consideration consisting of past services provided to Bitfury, while the remaining approximately 2.5 million shares were sold on the open market to cover tax withholding obligations associated with the transfer. With the completion of the distribution plan, V3 Holding Limited, the majority owner of Bitfury, beneficially owns approximately 30% of the outstanding shares of Cipher, including both the shares of V3 Holding Limited and the shares held by Bitfury.