Cipher Digital to raise $850M via convertible notes for AI infrastructure
- —Zero-coupon convertible notes of $850M, up to $1B with the option
- —Some 1.75% 2030 convertibles will be exchanged into common stock
- —Barber Lake contracts extended from 10 to 20 years, revenue to $9B+
- —Cipher Digital to absorb first $359.3M of project cost overruns
Why it matters: Miners increasingly tapping debt markets for AI infrastructure signals a business-model shift and intensifies competition for capital.
Source: PANews