Bitcoin mining company Cipher Mining plans a private sale issuance of $800 million in convertible preferred notes.

[Cipher Mining, a Bitcoin mining company, plans to issue $800 million in convertible preferred notes through a private sale] Cipher Mining (NASDAQ: CIFR), a Bitcoin mining company, plans to issue a total of $800 million in principal amount of convertible preferred notes, due in 2031, with an interest rate of 0%, to qualified institutional buyers through a private sale. Cipher also expects to grant initial purchasers of the notes a 13-day option to purchase up to an additional $120 million in principal amount of the notes. The notes are set to mature on October 1, 2031, unless redeemed, repurchased, or converted earlier. Cipher intends to use a portion of the net proceeds from this offering to pay for the Transaction Cost of call options trading, with the remaining funds used to finance the construction of its data center at Barber Lake, accelerate the full deployment of its 2.4 GW high-performance computing (HPC) strategy, continue expanding its development site reserves, and for general corporate purposes.