Stock Market Today, Oct. 13: Cipher Digital Drops 13% on $850M Convertible Note Offering
Cipher Digital (NASDAQ:CIFR), a Bitcoin (CRYPTO:BTC) mining and data center development company, closed at $11.34, down 12.77%. Premarket financing plans for $850 million in convertible notes pressured the stock, and investors are watching dilution risk alongside data center expansion and high-performance computing growth. Trading volume reached 123.5M shares, coming in about 257% above its three-month average of 34.6M shares. Cipher Digital IPO’d in 2020 and has grown 15% since going public.
S&P 500 (SNPINDEX:^GSPC) closed at 7,805, down 0.02%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 27,204, down 0.15%. Among Bitcoin mining and industrial-scale data center development peers, MARA Holdings (NASDAQ:MARA) closed at $9.11, down 3.50%, and CleanSpark (NASDAQ:CLSK) closed at $10.15, down 1.46%.
Cipher Digital dropped 13% today after it announced plans to raise $850 million by offering 0% convertible notes due in 2032. There will also be an option for holders to buy another $150 million, potentially upping the raise to an even $1 billion.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.