Cipher Digital stock plunges 54% in October amid financing concerns

An $850 million convertible note deal and a debt-for-equity swap rattled shareholders of the former Bitcoin miner turned AI data center builder Cipher Digital (NASDAQ: CIFR) had a brutal October. Shares of the company fell approximately 54% over the month, sinking to fresh 52-week lows between $7 and $8. The trigger was a financing plan meant to fund its expansion into AI infrastructure. Shareholders read the fine print and decided they did not love it. The timing matters because Cipher is in the middle of a reinvention. The company is moving away from Bitcoin mining and toward large-scale AI and high-performance computing data centers. The deal that broke the chart On October 13, 2026, Cipher announced an $850 million private offering of zero-coupon convertible senior notes due 2032. That is a mouthful, so here is the plain version. A convertible note is a loan that can later turn into stock. Zero-coupon means the company pays no regular interest along the way. Lenders accept that because they get the option to swap the debt for shares, ideally at a profit, before the notes mature in 2032. For Cipher, the appeal is obvious. It raises a large pile of cash without adding interest pa...