Cipher Digital Prices $850 Million Zero-Interest Convertible Notes Offering

08:24 AM EDT, 10/14/2026 (MT Newswires) -- Cipher Digital (CIFR) priced a private offering of $850 million in zero-interest convertible senior notes due Nov. 1, 2032, to qualified institutional buyers, the company said Wednesday. Cipher granted the initial purchasers an option to buy up to an additional $150 million in principal amount of notes. Cipher said it expects net proceeds of approximately $835.1 million, or about $982.5 million if the option is exercised in full, the company said. Cipher plans to use around $89.7 million to fund capped call transactions and the remainder for an additional equity investment in the Barber Lake project. If the option is exercised, part of the additional proceeds will fund further capped call transactions. The offering is expected to settle on Oct. 16. The notes will initially be convertible at a rate of 65.3211 common shares per $1,000 principal amount and may be redeemed for cash at Cipher's option at any time, the company said. Cipher said it also plans to exchange $165.9 million in principal amount of its outstanding 1.75% convertible senior notes due 2030 for 40.7 million common shares. Shares of the company were down more than 1% in premarket activity on Wednesday.