Cipher Mining Plans $150M Convertible Notes Offering

Cipher Mining ( (CIFR) ) has shared an announcement.

Cipher Mining announced plans to offer $150 million in convertible senior notes due 2030, with Morgan Stanley managing the offering. The proceeds will fund the completion of Phase 1 of the Black Pearl data center project, including purchasing mining rigs at a discount and covering tariffs and shipping costs. The offering is contingent on a concurrent delta offering of borrowed common stock to facilitate hedging transactions. The company aims to reduce capital expenditure overhang and accelerate its rig deployment timeline, with the data center expected to be energized in June 2025 and rigs arriving in July 2025.

The most recent analyst rating on (CIFR) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.

Spark’s Take on CIFR Stock

According to Spark, TipRanks’ AI Analyst, CIFR is a Neutral.

Cipher Mining’s overall score reflects strong revenue growth and positive technical indicators, but significant profitability and cash flow challenges. Although their strategic partnerships and operational efficiencies are promising, the stock’s valuation remains a concern due to negative earnings.

To see Spark’s full report on CIFR stock, click here.

More about Cipher Mining

Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction, and as a hosting partner to the world’s largest HPC companies.

Average Trading Volume: 15,149,909

Technical Sentiment Signal: Sell

Current Market Cap: $1.41B

Learn more about CIFR stock on TipRanks’ Stock Analysis page.