Cipher Mining issues $1.3 billion convertible notes due 2031

Cipher Mining Inc. (NASDAQ: CIFR) issued $1.3 billion in convertible senior notes due 2031 on September 30, 2025, according to a company statement. The notes carry a 0% interest rate and were issued under an indenture with U.S. Bank Trust Company, National Association serving as trustee.

The issuance included the full exercise of a 13-day option granted to initial purchasers to buy an additional $200 million in notes beyond the original offering amount.

The notes represent senior, unsecured obligations of the company and rank equally with Cipher Mining's existing senior unsecured debt, including $172.5 million in convertible notes due in 2030. The new notes are senior to any future subordinated debt but are effectively subordinated to secured debt and structurally subordinated to subsidiary debt and liabilities.

The notes are governed by standard convertible note terms, though specific conversion features were not detailed in the announcement. The company has existing convertible debt scheduled to mature in 2030.

You May Also Be Interested In