Cipher Digital prices $850 million convertible notes due 2032 and exchanges 2030 notes
Cipher Digital priced a private offering of $850.0 million of 0.00% convertible senior notes due 2032, with settlement scheduled for October 16, 2026. Concurrently, it expects to exchange about $165.9 million of its 1.75% convertible notes due 2030 for about 40.7 million shares of common stock, which could add to the share count. The filing says capped call transactions are generally expected to reduce potential dilution from conversion of the new notes.
Key points
- $850.0 million of 0.00% convertible senior notes due 2032 priced, with a 13-day option for up to an additional $150.0 million
- Estimated net proceeds of about $835.1 million, of which about $89.7 million funds the capped call transactions
- About $165.9 million of 2030 notes to be exchanged for about 40.7 million shares of common stock
- Initial conversion price of about $15.31, a 35.0% premium over the $11.34 closing price on October 13, 2026
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 14, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.