Cipher Digital shares fell 14% after an $850M convertible offering was reported (the headline is truncated in the source).

Cipher Digital's stock dropped 14% after the company announced an $850 million offering of convertible senior notes, combined with an exchange of existing debt for shares. The move causes immediate dilution for shareholders. The company is using the proceeds to fund data center expansions for hyperscale tenants, with signed leases at its Black Pearl and Barber Lake campuses expected to begin generating rental income soon.

Investors remain cautious about whether lease revenue can grow fast enough to offset the increased share count and rising debt costs. The market is also watching Applied Digital and Core Scientific for similar financing moves across the sector.

Cipher Digital shares fell 14.46% to USD 11.12 on Pluang as of October 13, 2026, 20:31 WIB, reflecting heavy selling interest despite 94% of orders being buy orders. Applied Digital also dropped 5.46% to USD 21.98, with a market capitalization of $7.03 billion and mixed order activity. These price moves align with the sector's cautious mood on financing strategies and debt levels.