Cipher Mining increased its convertible debt offering to $1.1 billion after a $3 billion deal with Google for AI cloud hosting. The Nasdaq-listed company’s stock rose nearly 5% to $12.20 on Friday. Cipher also signed a 10-year, $3 billion computing agreement with Fluidstack at its Texas site.

Google agreed to backstop $1.4 billion of Fluidstack’s lease obligations for the Cipher deal. In return, Google will receive warrants for approximately 24 million shares of Cipher common stock. This equates to a 5.4% pro forma equity ownership stake in the company.

Bitcoin miners are leveraging their computing power to meet growing AI demand. Companies like Cipher are shifting their infrastructure to address this trend, showcasing the overlap between the two industries. TeraWulf, another Bitcoin miner, announced Google’s increased support for its project-related debt financing, boosting its total stake to $3.2 billion.

Read more at Yahoo Finance.: Cipher Stock Rises as Bitcoin Miner Boosts Debt Offering to $1.1 Billion Following Google Deal