Bitcoin mining company Cipher Mining has increased the size of its convertible preferred note issuance to $1.1 billion

ChainCatcher news, Bitcoin mining company Cipher Mining (NASDAQ: CIFR) announced that it has priced $1 billion of 0% convertible senior notes due in 2031, which will be offered through a private placement. The offering size has been increased from the previously announced $800 million note offering.

The issuance and sale of the notes are expected to settle on September 30, 2025. Cipher has granted the initial purchasers of the notes a 13-day option to purchase up to an additional $200 million (principal amount) of the notes. Cipher expects that this offering will provide approximately $1.08 billion in net proceeds. Cipher plans to use approximately $70 million of the net proceeds to pay for call option transaction costs, with the remaining funds to be used for the construction of the Barber Lake facility data center, accelerating the deployment of its 2.4 GW high-performance computing (HPC) strategy, continuing to expand its development project pipeline, and for general corporate purposes.