Cipher's $850M AI bet deepens investor scrutiny as stock plunges 52%
- —The $850 million convertible notes mature in November 2032 and carry no regular interest
- —The note exchange left only about $6.6 million of that series outstanding
- —Holders can demand cash repayment in November 2030 under specified conditions
- —Second-quarter revenue was about $25 million against a $30 million adjusted EBITDA loss
Why it matters: Investors are testing whether miners' AI infrastructure can generate cash flow before debt obligations come due.
Source: CryptoSlate