Cipher Mining is trading at $9.02, down 9.31%, extending a steep multi-session slide following its pricing of $850 million of zero-coupon convertible notes due 2032.
- The notes have an approximately $15.31 conversion price. Cipher expects to exchange $165.9 million of existing notes for about 40.7 million shares, keeping potential dilution in focus.
- Crypto weakness and broader inflation-driven pressure on technology shares may add to selling. Bitcoin is down 1.91% and Ether 3.53% since the prior close.