Cipher Digital Tumbles 14% on $850M Convertible Note Offering and Share Exchange; Applied Digital Drops 5%
The notes will not pay regular interest and can be settled in cash, shares or both at Cipher’s election.
- On Tuesday, Cipher Digital Inc. announced a proposed private offering of $850 million in 0.00% convertible senior notes due 2032, concurrently exchanging a portion of its outstanding 1.75% convertible notes due 2030 for common stock.
- Cipher Digital shares tumbled 14% to $11.20 in morning trading following the announcement; Applied Digital shares fell 5%, while the SPDR S&P 500 ETF Trust declined 0.1%.
- Proceeds from the offering will fund capped call transactions and the Barber Lake project, supporting the company's high-performance computing strategy as rent at Barber Lake is expected to begin this month.
- Initial purchasers receive a 13-day option to buy an additional $150 million in notes. Cipher can settle conversions by delivering cash, shares of common stock, or a combination of both at its election.
- As a developer, Cipher builds data centers and leases them to hyperscale tenants under long-term agreements. Supporters argue signed leases provide predictable cash flow, though investors should monitor potential for future capital raises affecting share count.
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BizTocCipher Digital Tumbles 14% on $850M Convertible Note Offering and Share Exchange; Applied Digital Drops 5%
Cipher Digital just paired a massive debt raise with a move that pulls shareholder dilution into the present rather than the future, and the market is punishing the stock hard. Whether signed hyperscale leases can grow fast enough to absorb the expanding share count is the question every holder needs to answer now.
The Manila Times
Green Stock NewsCipher Digital Announces Proposed Private Offering of $850.0 Million of 0.00% Convertible Senior Notes Due 2032 and Concurrent Exchange of Convertible Senior Notes Due 2030
NEW YORK, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ:CIFR) ('Cipher” or the 'Company”), a leading developer, owner and operator of industrial-scale data centers, today announced its intention to offer, subject to market and other conditions, $850.0 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the 'notes”) in a private offering (the 'offering”) to persons reasonably believed to be qualified ins…
Cipher Digital Announces Proposed Private Offering of $850.0 Million of 0.00% Convertible ...
NEW YORK, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading developer, owner and operator of industrial-scale data centers, today announced its intention to offer, subject to market and other conditions, $850.0 million…
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