Cipher Mining announces $150M convertible notes due 2030, Bitmain rig amendment with 10% discount

Cipher Digital Inc.

$150M convertible senior notes offering (due May 2030); underwriters option for additional $22.5M.
Concurrent delta offering of borrowed common stock to facilitate hedging by note purchasers.
Bitmain amendment: remaining miners delivered by June 23, 2025; early lump-sum payment of $108.2M (10% reduction from $120.2M).
Company also receives BTC-linked call options from Bitmain as additional value.
Net proceeds to fund Phase 1 of Black Pearl data center including rig purchases at discount and infrastructure.

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