Cipher Mining declines following $150 million convertible bonds offering

Cipher Digital

21/05/2025 17:49

** Shares of bitcoin miner Cipher Mining CIFR.O fall as much as 11.6%; last down 5.2% at $3.59

** CIFR announced late on Tuesday that it had priced its public offering of $150 million of five-year convertible bonds

** Proceeds will be use to complete phase-1 of its Black Pearl data center project and for other purposes

** Morgan Stanley acted as the lone bookrunning manager for the offering

** Initial conversion price of $4.45 per share represents 17.7% upside to stock's last close

** In a concurrent development, Morgan Stanley intends to offer 17.54 million shares of CIFR, borrowed from third parties in a separate offering, to facilitate hedging transactions by some of the bond purchasers

** Ten of 11 brokerages rate the stock "buy" or higher and one "hold"; with a median PT $6.75, according to data compiled by LSEG

** As of last close, CIFR stock down 18.5% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))