Cipher Digital shares fell approximately 54% in October 2026, reaching 52-week lows between $7 and $8 following the announcement of financing intended to expand its artificial intelligence infrastructure. The company issued $850 million in zero-coupon convertible notes due in 2032 and exchanged $165.9 million of debt for approximately 40.7 million new common shares. The market viewed these transactions as significant dilution for existing shareholders. Cipher, which is progressively moving away from Bitcoin mining toward artificial intelligence and high-performance computing data centers, has approximately $16.6 billion in contracted revenue, including $9.1 billion at its Barber Lake site. Because these contracts will generate cash only after the data centers are built, the company must fund substantial upfront investment, which explains the financing concerns.
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