Cipher Digital raises $850 million convertible debt, shares plunge 52% as Bitcoin miner pivots to AI

Cipher Digital raised $850 million in convertible debt on Oct. 16 to fund AI data-center expansion, coinciding with a 40.7 million-share issuance to retire old debt. The company's stock fell over 52% in the past year, closing at $8.98 on Oct. 16, its lowest level since September 2025. With bondholders able to demand repayment in 2030 and an initial conversion price of $15.31 substantially above the current share price, Cipher faces pressure to generate cash flow from its AI infrastructure.