Cipher Mining Inc. (CIFR) saw a nearly 18% nosedive in Thursday’s trading due to plans to raise $800 million through senior convertible notes. The company extended its losing streak for a second day, closing at $11.66 per share. In response to the offer, CIFR granted initial notebuyers a 13-day option to purchase up to an additional $120 million in notes. The company intends to use the proceeds to fund data center construction, accelerate high-performance computing strategy, and expand development sites. Additionally, CIFR secured a 168-MW data center lease agreement with Fluidstack at its Barber Lake facility, expecting completion by September 2026.

Read more at Yahoo Finance: Cipher Mining (CIFR) Nosedives Nearly 18% on $800-Million Convertible Note Issuance